LVMH flagship brand Louis Vuitton, luxury goods handbags and ready to wear fashion brand, has reported a decline in revenue by 27 percent to € 18.4 billion in its H1of the FY 2020 as compared to the revenue of € 25.1 billion in the previous year. There is also a dip of 68 percent in profit from recurring operations to € 1.7 billion.
Fashion & leather goods revenue during the first half plunged 23 percent to €7.9 billion (€10.4 billion). This performance was marked by the closure of stores in many regions across the world. However, China recorded a strong recovery during the second quarter and there has been a gradual improvement since May in Europe and the United States, as the company stated.
New collections were unveiled online through a portrait by a Ghanaian artist who inspired men’s spring-summer 2021 collection, and a Cruise 2021 show behind closed doors in Lecce, Italy, showcasing the ancestral know-how of local artisans and artists. The other fashion brands continued to strengthen their creativity in order to take advantage of the gradual return to normal.
Wines & spirit revenue slipped 20 percent to €1.9 billion (€2.4 billion). Perfumes & cosmetics decreased by 29 percent to €2.3 billion (€3.2 billion).
