LVMH said it has recorded revenue of €10.6 billion for the first quarter of 2020, a 15% decline compared with the same period in 2019, and down 17% on an organic basis. The COVID-19 pandemic led to the closure of the Group’s stores and manufacturing sites in most countries. The Fashion and Leather Goods business group recorded a 10% decline in organic revenue in the quarter, however, online sales are said to have observed “rapid growth”. The Louis Vuitton and Christian Dior brands, in particular, “continued to show creative momentum, as illustrated by the latest runway shows and continuous enhancements to their iconic products”, said LVMH, while the other brands “continued the efforts to strengthen their resilience”. The Group said the manufacturing sites of its Maisons are preparing to reopen with maximum safety conditions for employees following the suspension of activity in mid-March.

The Watches & Jewellery business group recorded a 26% drop in organic revenue in the first quarter of 2020, with Bvlgari experiencing a decline in its activity due to the closure of its stores, in Asia in particular. LVMH said that, after a good start to the year, the TAG Heuer and Hublot brands were affected by the reduction of orders by retailers.