Louis Vuitton owner LVMH on Thursday posted a 17% drop in comparable sales in the first quarter due to the coronavirus pandemic, as government-imposed lockdowns in Europe forced it to close stores and production sites.
FILE PHOTO: A man wearing a protective face mask walks past a closed Louis Vuitton shop on the Croisette in Cannes during a lockdown imposed to slow the rate of the coronavirus disease in France, April 16, 2020. REUTERS/Eric Gaillard
LVMH, like rivals such as Gucci-owner Kering , has had to temporarily shut shops in key markets after the novel coronavirus first emerged in China late last year and later spread to Europe and the United States. LVMH, the world’s biggest luxury goods group, had warned in late March that first-quarter sales would fall by between 10 and 20% compared to a year ago. It said on Thursday that revenues stood at 10.6 billion euros in the January to March period, down 15% on a reported basis.
In its key fashion and leather goods division, home to other brands like Christian Dior, sales resisted slightly better than some analysts had expected, falling 10% on a like-for-like basis compared to a year earlier. The group said online sales had surged.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Future of Digital Fashion Brands in the Era of CoronavirusMany were born online and don’t have to worry about massive store closures. But will they have enough cash to outlive the virus?
Read more »
Retail Spending Just Fell Off A CliffRetail spending dropped a record 8.7% last month amid the coronavirus crisis. It's the largest monthly fall since the Commerce Department began tracking retail sales three decades ago.
Read more »
Suspending the RMD rules for 2020 is a good moveRequired minimum distributions are important, but we do not want to force sales of depressed assets
Read more »
How One City Mayor Forced A Pork Giant To Close Its Virus-Stricken PlantSmithfield Foods didn't want to stop slaughtering hogs at its Sioux Falls pork plant, even after hundreds of workers got sick with the coronavirus. Then the city's mayor forced the company's hand.
Read more »
March Retail Sales Plunged 8.7% as Coronavirus Shutdowns Took HoldAmerican shoppers sharply reduced spending in March as the coronavirus pandemic prompted widespread business closures, causing sales of vehicles, clothing and dining out to plunge.
Read more »