LVMH reports 17% drop in first quarter sales due to coronavirus
Across the business, revenue dropped 17% to £9 billion (€10.6 billion). The luxury group said the Q1 market environment has been “defined” by store closures in several regions across the world.
LVMH warned in late March that first-quarter sales would fall by between 10% and 20% compared with a year ago.
The group said online sales had surged, hoping a broad recovery would start in May or June 2020.
LVMH’s manufacturing sites are preparing to reopen with new safety conditions for employees.
Bernard Arnault, Chairman and Chief Executive Officer of LVMH, said: “In this unprecedented context, I would first like to thank our teams around the world, who have mobilised to help caregivers and participate in the collective effort by making gel for hand sanitisers, by facilitating the movement or by producing medical masks or even by sourcing critical equipment for hospitals.
"The health and safety of our employees and customers must remain our top priority. On a global scale, the Group works closely with the teams of each of our Maisons to provide them with all the resources they need."