Luxury group LVMH has reported revenues of €18.4 billion in the first half of 2020, a fall of 27% compared to the first six months of 2019.
The group said it felt it had proven its ability to be resilient “in an economic environment severely disrupted by the serious health crisis”. It said it had been affected by the suspension of international travel and the closure of the group’s stores and manufacturing sites in most countries over a period of several months.
It said that a “significant acceleration” in online sales had only partially offset these closures.
On announcing the figures, chief executive, Bernard Arnault, commented: “While we have observed strong signs of an upturn in activity since June, we remain vigilant. Thanks to the strength of our brands and the responsiveness of our organisation, we are confident that LVMH is in an excellent position to take advantage of the recovery, which we hope will be confirmed in the second half of the year.”
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