A total of 126 million consumers shopped in stores over the five-day period, about 5 million more than last year.
LVMH’s First-Quarter Sales Fall 17%
The watches & jewelry division was among the hardest hit, with sales dropping 26 percent.
Paris—As expected, luxury conglomerate LVMH recorded a steep drop in sales in the first quarter as the coronavirus forced the closures of its stores and factories worldwide.
LVMH Moët Hennessy Louis Vuitton reported Thursday that first-quarter revenue was down 15 percent year-over-year, and 17 percent on an organic basis (with comparable structure and exchange rates), to €10.6 billion ($11.52 billion).
The watches & jewelry and selective retailing divisions posted the steepest sales declines.
Watches & jewelry recorded a 26 percent year-over-year drop in organic revenue.
LVMH said Bulgari was particularly hard hit by the closure of its stores in Asia, while the reduction of orders from retailers affected TAG Heuer and Hublot after “a good start to the year.”
Organic revenue for selective retailing, which includes Sephora as well as duty-free shops in airports, also fell 26 percent.
Fashion & leather goods (sales down 10 percent) and wines & spirits (sales down 14 percent) proved to be LVMH’s most resilient divisions in the quarter, with alcohol sales particularly strong in the United States.
“The U.S. market demonstrated its good resilience over the period, supported by advance orders from distributors,” LVMH said of Wines & Spirits.
In the press release announcing the company’s Q1 results, Chairman and CEO Bernard Arnault thanked the company’s teams worldwide, and noted the company’s pivot to making masks and hand sanitizer at some production facilities.
“For several weeks, our teams have once again demonstrated that excellence, creativity and responsiveness will allow us not only to overcome this crisis but, above all, to emerge even stronger when it fades,” he said.
Looking ahead, LVMH said the impact the closure of its factories and stores will have on its annual revenue cannot be determined right now because it does not know when it will be able to reopen.
The company said: “We can only hope that the recovery happens gradually [beginning in] May or June after a second quarter that will still be very affected by the crisis, in particular in Europe and the U.S.”
The Latest
The FTC’s Jewelry Guides require “clear and conspicuous” disclosure when advertising lab-grown diamonds.
The fine jewelry designer, who came out of retirement in 2017, is putting down his sketchpad for good.
While no reputable jeweler would knowingly sell lab-grown stones as natural, it's a growing possibility.
The Type IIa, very light pink colored diamond was the highlight of the recent Hong Kong jewelry auction.
John Willard Craiger, 83, fatally shot jeweler Ghazi “Gus” Michel Osta following an argument in the store.
In his latest column, Smith provides a list of questions every business needs to be asking their next potential leader.
From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
An innovative artist inspired by the natural world, Lehrer is remembered for being a visionary and a shining light.
Jérôme Lambert returns as CEO of Jaeger-LeCoultre, while Laurent Perves takes the lead role at Vacheron Constantin.
The extravagant gifts in this year’s “A Neiman’s Fantasy” Holiday Book range from a Messika diamond necklace to pavé diamond cowboy boots.
Owners Greg and Lynn Bires are heading into retirement.
The industry veteran is remembered for his faith, his dedication to his family, his wealth of knowledge and his generosity in sharing it.
PricewaterhouseCoopers’ 2024 holiday trends survey took a 10-year look back to see what mattered to consumers then versus now.
Monique Lhuillier and Kay Jewelers collaborated to create the pieces, which were offered at the recent Baby2Baby gala.
Botswana joins Antwerp as a certification center for rough under the G7 ban on Russian diamonds.
The miner said its November sale, which earned $16.1 million, felt the effect of competitive pricing by a rival Zambian producer.
Mignon Faget honors its hometown of New Orleans with a piece inspired by “The Crescent City.”
The London-based business-to-business diamond and gemstone marketplace just closed on a $51 million round of Series C funding.
“Forever Present” highlights gifting opportunities for natural diamonds, celebrating familial, friendship, and romantic relationships.
It’s one of the most impressive assemblages of the French designer’s pieces ever to come to auction, Christie’s said.
Successful email marketing campaigns are all about timing, personalization, and compelling CTAs, Emmanuel Raheb writes.
Retail leader Lisa Bridge and geology professor Dr. Wendy Bohrson joined the organization’s board.
Look out for a black bear wearing a purple Santa hat and its zippered tummy pouch made for holding a holiday gift from Ben Bridge Jeweler.
“The William Goldberg Way” was released in honor of the company’s 75th anniversary and 25 years of its proprietary Ashoka diamond.
Fenix and Dholakia Lab-Grown Diamonds have jointly acquired the Israel-based company, which grows diamonds using solar power.
The Danish brand has opened an appointment-only location on Madison Avenue in New York City.