The luxury retail group has recorded a 17 per cent drop in revenue, but shows ‘good resilience’ in the face of the Coronavirus pandemic.
The group, which owns internationally-renowned brands including Louis Vuitton and Dior has recorded a 17 per cent drop in revenue to €44.7bn in 2020 but had an optimistic fourth quarter where revenues declined by just 3 per cent compared with the same period the previous year. This result can be partly attributed to a strong performance in the group’s fashion and leather categories, which grew by 18 per cent to €7.3bn in the fourth quarter period.
Bernard Arnault, Chairman and Chief Executive Officer of LVMH, commented: “LVMH showed remarkable resilience against the unprecedented health crisis the world experienced in 2020. Our Maisons have shown great agility and creative energy in continuing to bring to life our customers’ dreams through a unique digital experience thereby further strengthening their desirability.”
Despite a turbulent 2020, the group is optimistic and well-equipped to build upon the hoped-for recovery in 2021 and regain growth momentum for its business.
