// LVMH has seen sales drop 17% year on year to £39.5bn
// In the fourth quarter, revenues dropped 3% on a like-for-like basis compared with the same period the previous year
// Sales of fashion and leather goods grew 18% to £6.5bn in the fourth quarter
LVMH has reported an overall decline in revenues for 2020 despite a recovery in the Asian market.
The luxury retail group, which owns Louis Vuitton and Dior, reported sales drop 17 per cent year on year to €44.7 billion (£39.5 billion) in 2020.
In the fourth quarter, revenues declined by three per cent on a like-for-like basis compared with the same period the previous year, with a strong performance from LVMH’s fashion and leather goods division.
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Sales of fashion and leather goods grew by 18 per cent to €7.3 billion (£6.5 billion) in the fourth quarter compared to 2019, beating expectations.
Sales for the group’s biggest brands, Louis Vuitton and Dior, reached double-digit growth in the second half of the year despite the impact of the pandemic and restrictions across most of Europe during the festive shopping season.
This recovery was mostly due to improvement in the Asian market, as well as an uptick in sales in the US and Japan.
LVMH chair and chief executive Bernard Arnault said the group showed “remarkable resilience” against the Covid-19 pandemic.
“Our focus on dynamic innovation was accompanied by strong commitments to the environment, sustainability and inclusion,” Arnault said.
“We are starting 2021 with the pleasure of welcoming the iconic jewellery 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.”