Menu

LVMH Announces Revenue Drops Amid Coronavirus Shutdown

By March 31, 2020Fashion News

As result of temporary closures.

As the coronavirus pandemic continues to impact our societies, the LVMH fashion group has announced a drop in its revenues in the recent fiscal quarter.

Although set to disclose first-quarter results on April 16th, the conglomerate is reporting that in comparison to the same period last year, its revenues have dropped from 10% to 20%. This should come as no surprise, as LVMH group stores are currently on a temporary shutdown as shoppers are encouraged to cease shopping during the coronavirus outbreak.

In a statement, LVMH stated “In a particularly uncertain environment, the Group will maintain a strategy focused on the preservation of the value of its brands, supported by the exceptional quality of its products and reactivity of its teams. The [outbreak’s] impact cannot be accurately calculated at this time without knowing the timing of a return to normal in these countries,”

PHOTO CREDIT: @louisvuitton