LVMH 2020 revenue down 17% to €44.7B

Dienstag, 26. Januar 2021 18:00

French luxury goods company LVMH said on Tuesday its revenue in 2020 was down 17% year on year to €44.7 billion. Profit from recurring operations fell 28% to €8.3 billion, while the operating margin reached 18.6%. Group share of net profit amounted to €4.7 billion, down 34%.

Bernard Arnault, Chairman and CEO of LVMH, said: "We are starting 2021 with the pleasure of welcoming the iconic jewelry Maison Tiffany and its teams to our Group. 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."

Shares of LVMH were trading 1.22% higher at €508 at 5:38 PM CET.

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Breaking the News / TF