Even the world’s largest luxury conglomerates aren’t immune to the coronavirus pandemic.
After reporting a 27% year-over-year decline in 2020’s first half, LVMH has announced a 21% y-o-y decline for the first nine months of 2020 — with a 7% revenue decline in Q3 2020 alone — accounting for undeniably impressive revenues of €30.3 billion EUR (approximately $35.5 billion USD).
Across its many industries, LVMH has suffered losses, but those numbers are shrinking as the year goes on. For instance, LVMH’s wine and spirits companies — Hennessy being perhaps the most notable — declined by 15% over the year’s first three quarters but only 3% of that loss is derived from the most recent three months.
Similarly, its fashion and leather goods business dropped by 11% in those nine months but overall is poised for success, considering recent initiatives like Louis Vuitton’s NBA partnership and world-conquering runway shows.