Luxury product group LVMH saw revenue decline 17 per cent in 2020, after the coronavirus pandemic caused serious disruption to the business.
The business recorded revenues of 44.7bn euros in 2020, down 17 per cent on 2019, and profit from recurring operations at the business, which also owns brands Moet and Hennessy, declined by just over a quarter (28%) for the year.
In the fourth quarter, the business saw a revenue decline of just three per cent, a significant improvement on the first nine months of the year. Fashion and leather goods performed especially well for the group, with double-digital growth in both the third and fourth quarters.
LVMH chairman and CEO Bernard Arnault said the business showed “remarkable resilience” against the coronavirus pandemic.
In the second half of the year, the group enjoyed double-digit growth at Louis Vuitton and Christian Dior.
The group’s recovery in the second half of the year was delivered mostly from Asia, with improvement also seen in the United States and Japan.
Earlier this month LVMH completed its $16bn takeover of US jewellery brand Tiffany.
The deal was almost derailed last year when LVHM attempted to abandon the acquisition, prompting Tiffany to take legal action against the luxury goods conglomerate.
CEO Arnault added: “In a context that remains uncertain, even with the hope of vaccination giving us a glimpse of an end to the pandemic, we are confident that LVMH is in an excellent position to build upon the recovery for which the world wishes in 2021 and to further strengthen our lead in the global luxury market.”