Luxury brands much less popular: LVMH turnover drops sharply

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The proceeds from expensive handbags, clothing, watches, perfumes and champagne bottles amounted to 18.4 billion euros, a decrease of 27 percent compared to last year.

At the bottom of the line, there was a net of 522 million euros, no less than 84 percent less than in the first half of 2019, the company announced on Monday.

Airport sales collapse

LVMH particularly hurt in the second quarter as it sold much less in the United States and Europe.

This was partly because sales at airports, where the company has many stores, have collapsed.

Course backed up

Owner Bernard Arnault, who may call himself the richest man in Europe at the beginning of this year, is nevertheless positive about the half-year figures. The French businessman argues that LVMH is in an “excellent position” to recover from the corona crisis, hopefully this year.

In early May, LVMH’s share price fell by 19 percent from the beginning of this year. Since then, however, the price has slowly started to pick up again. The share is currently at 401.40 euros, more than 4 percent lower than at the start of 2020.



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https://www.rtlnieuws.nl/economie/bedrijven/artikel/5173793/lvmh-luxe-merken-mode-louis-vuitton-moet-henness-coronacrisis

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