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LVMH reports revenue of €30.34 bn in Q3 FY20

16
Oct '20
Pic: Shutterstock
Pic: Shutterstock
LVMH Moët Hennessy Louis Vuitton, French high-quality products group, reported 21 per cent revenue decrease to €30.34 billion in the first nine months of FY20 compared to the revenues of €38.39 billion in the same period previous fiscal. For nine months period, fashion & leather goods business fell 12 per cent to €13.93 billion (€15.87 billion).
 
LVMH in its press release stated that the group demonstrated good resilience in an economic environment severely disrupted by the serious health crisis that led to the suspension of international travel and the closure of the group’s stores and manufacturing sites in most countries over a period of several months.
 
The encouraging signs of recovery were observed in June for several of the group’s activities were confirmed in the third quarter in all regions, notably in US, and in Asia, which once again grew over the period.
 
Group’s wines & spirits business declined 15 per cent to €3.34 billion in the nine months period. Fashion & leather goods business however rose 12 per cent in the third quarter to €5.94 billion (Q3 FY19: €5.44 billion). Christian Dior showed remarkable momentum. The many new products, such as the Dior Bobby bag and the knitted bar jacket, were very well received.
 
In selective retailing, revenue declined 31 per cent to €7.17 billion (€10.55 billion) in the first nine months of FY20. Sephora gained market share in its main countries, particular to the strong growth of its online sales.
 
In its future outlook, the group stated that it will maintain a strategy focused on preserving the value of its brands, by continuing its marketing and communication investments and relying on the exceptional quality of its products and the reactivity of its organisation. LVMH will rely on the power of its brands and the talent of its teams to further extend its global leadership in the luxury market in 2020.

Fibre2Fashion News Desk (JL)


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