LVMH Moet Hennessy Louis Vuitton, the world’s leading luxury products group, has reported 17 per cent revenue decrease to €44.65 billion in its full fiscal 2020 ended on December 31, compared to the revenue of €53.67 billion in the previous fiscal. Group’s profit from recurring operations fell 28 per cent to €8.30 billion (FY19: €11.50 billion).
“LVMH showed remarkable resilience against the unprecedented health crisis the world experienced in 2020. Our priority has been to protect the health and safety of our employees and our clients and we have provided direct support in the fight against the pandemic,” Bernard Arnault, chairman and chief executive officer of LVMH, said in a press release.
Group’s wines & spirits business declined 15 per cent to €4.79 billion in FY20 (€5.57 billion). Fashion & leather goods business fell 5 per cent to €21.20 billion (€22.23 billion). Louis Vuitton and Christian Dior showed double digit revenue growth over last two quarters of FY20. Selective retailing revenue plunged 31 per cent to €10.15 billion (€14.79 billion).
“Our focus on dynamic innovation was accompanied by strong commitments to the environment, sustainability and inclusion. We are starting 2021 with the pleasure of welcoming the iconic jewelry Maison