LVMH photos (PC: LVMH website)
French luxury retailer group, LVMH is resilient in its outlook amidst on-going COVID-19 crisis, despite recording revenue of €10.6 billion for the first quarter of 2020, down 15% compared to the same period in 2019.
As all Sephora stores were closed in China for a major part of the quarter, and since mid-March in Europe and the US, online revenue significantly increased over this period. Meanwhile, shopping in stores has gradually picked up in China since early April.
The Fashion & Leather Goods business group under LVMH recorded a decline in organic revenue of 10% in the first quarter of 2020 due to store closures in several regions, but online sales saw rapid growth. Louis Vuitton and Christian Dior, in particular, continued to show creative momentum, through latest runway shows and product enhancements. LVMH’s Perfumes & Cosmetics business group also saw a significant surge in online sales.
“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 hydroalcoholic 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,” stated Bernard Arnault, chairman and CEO, LVMH.
“Thanks to everyone’s commitment and the strength of its brands, the LVMH group maintains good resilience in the face of this worldwide challenge. For several weeks, our teams have once again demonstrated that excellence, creativity and responsiveness will allow us not only to overcome this crisis but, above all, to emerge even stronger when it fades,” he added.
Under the current circumstances, LVMH will further strengthen its policy of controlling costs and remain selective in its investments.
For all the latest retail news from Middle East, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha BMarchon Eyewear’s ZEISS wins 2024 Red Dot “Best of the Best” Awards for VisionClip
Revolutionising retail: How RetailGPT is shaping the future of shopping malls
Times Square Center: Building community through more than retail
/ 
What does it take to sustain profitable growth in the post-IPO phase?
Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in
“Retail is a people’s business. When building a retail brand or the
From being one of the first retailers in Dubai to ban single-use
For starters, Rabbit is a growing e-commerce grocery platform in Egypt always
In 2024 grocery retail major Choithrams has achieved several milestones underscoring its
Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital
The regional grocery retail market is evolving fast keeping pace with constantly
From ethical and local sourcing to adopting cutting-edge technologies to curb food
The regional grocery retail market is becoming more and more diverse, offering
/ 
Born in Senegal and raised in Lebanon, Leïa Khalaf’s journey to becoming
Softlogic Holdings PLC, one of Sri Lanka’s largest conglomerates, has a diverse
During her SOLOx session at the IMAGES RetailME Awards 2024, Mrunal Khimji,
Following the successful launch of its flagship store in City Centre Deira,
In what comes as a significant announcement, Middle East based eyewear majors
Abu Dhabi based retail company LIWA Trading Enterprises, a subsidiary of Al
Aligned with the principles of ‘slow fashion’ UAE-based homegrown brand Ryokō Bags
From designing collections to creating campaigns, from analysing user preferences and purchase
Primark, known for its affordable fashion, has experienced significant global expansion since
For off-price retailer Brands For Less (BFL) Group, change management acts as
Sun & Sand Sports recently re-opened their Mall of the Emirates store, extending their #FunToTheFinish concept
Emirati Gen Z women are seeking collaborative, culturally diverse and creatively enriching
Previous Article
