The LVMH net profit in the first half of 2020 fell over six times, to EUR 522 million compared to the same period last year, the company noted.
The largest loss in revenue share was in the watches & jewelry line, where revenue fell 38% year-on-year to € 1.319 billion. The line of wine, alcoholic beverages suffered the smallest losses - the revenue fell by 20% in annual terms, to EUR 1.985 billion. In the meantime, the company's net financial debt amounted to EUR 8.23 billion, decreasing by 5% compared to the previous year.
Despite encouraging signs of business recovery in June, LVMH's revenues declined markedly in the US and Europe during the quarter. In Asia, and especially in China, however, there is a noticeable increase in consumer behavior, the company noted. Meanwhile, LVMH shares fell 3.1% in 2020.
14:09, August 9Virgil Abloh is again accused of copying (PHOTOS)
11:14, August 9Prince Harry speaks out against social media
10:12, August 9Katy Perry’s fiery dance (VIDEO)
18:08, August 8Kim Kardashian offers to 'support' Kanye West in 2024 run for president, but rapper insists 2020 is 'God's plan'
16:03, August 8Irina Shayk shares no-makeup selfie
15:03, August 8Kourtney Kardashian stuns in new photo
14:32, August 8Media: Jude Law welcomes his baby
13:02, August 8Satanic orgies and violence: Scandalous details of Mariah Carey family
11:12, August 8North West would rather live with her father than mom Kim Kardashian?
17:59, August 7Popular Armenian and Georgian designers shoes on British Vogue
16:11, August 7George and Amal Clooney donate $ 100,000 to charities in Lebanon
15:14, August 7Bella Hadid gives police officers her middle finger