LVMH Moet Hennessy Louis Vuitton, the world’s leading luxury products group, has reported 17 per cent revenue decrease to €44.65 billion in its full fiscal 2020 ended on December 31, compared to the revenue of €53.67 billion in the previous fiscal. Group's profit from recurring operations fell 28 per cent to €8.30 billion (FY19: €11.50 billion).
LVMH Moet Hennessy Louis Vuitton, the world's leading luxury products group, has reported 17 per cent revenue decrease to €44.65 billion in its full fiscal 2020 ended on December 31, compared to the revenue of €53.67 billion in previous fiscal. Profit from recurring operations for FY20 was down 28 per cent to €8.30 billion (FY19: €11.50 billion).#
“LVMH showed remarkable resilience against the unprecedented health crisis the world experienced in 2020. Our priority has been to protect the health and safety of our employees and our clients and we have provided direct support in the fight against the pandemic,” Bernard Arnault, chairman and chief executive officer of LVMH, said in a press release.
LVMH Moet Hennessy Louis Vuitton, the world's leading luxury products group, has reported 17 per cent revenue decrease to €44.65 billion in its full fiscal 2020 ended on December 31, compared to the revenue of €53.67 billion in previous fiscal. Profit from recurring operations for FY20 was down 28 per cent to €8.30 billion (FY19: €11.50 billion).#
Group’s wines & spirits business declined 15 per cent to €4.79 billion in FY20 (€5.57 billion). Fashion & leather goods business fell 5 per cent to €21.20 billion (€22.23 billion). Louis Vuitton and Christian Dior showed double digit revenue growth over last two quarters of FY20. Selective retailing revenue plunged 31 per cent to €10.15 billion (€14.79 billion).
LVMH Moet Hennessy Louis Vuitton, the world's leading luxury products group, has reported 17 per cent revenue decrease to €44.65 billion in its full fiscal 2020 ended on December 31, compared to the revenue of €53.67 billion in previous fiscal. Profit from recurring operations for FY20 was down 28 per cent to €8.30 billion (FY19: €11.50 billion).#
“Our focus on dynamic innovation was accompanied by strong commitments to the environment, sustainability and inclusion. We are starting 2021 with the pleasure of welcoming the iconic jewelry Maison Tiffany and its teams to our group,” Arnault said.
LVMH Moet Hennessy Louis Vuitton, the world's leading luxury products group, has reported 17 per cent revenue decrease to €44.65 billion in its full fiscal 2020 ended on December 31, compared to the revenue of €53.67 billion in previous fiscal. Profit from recurring operations for FY20 was down 28 per cent to €8.30 billion (FY19: €11.50 billion).#
“In a context that remains uncertain, even with the hope of vaccination giving us a glimpse of an end to the pandemic, we are confident that LVMH is in an excellent position to build upon the recovery for which the world wishes in 2021 and to further strengthen our lead in the global luxury market,” Arnault said in the release.
Fibre2Fashion News Desk (JL)
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