LVMH CEO and Chairman Bernard Arnault says that the company showed exceptional resilience to the serious crisis the world suffered in the first half of 2020.
After the market close, LVMH Moët Hennessy Louis Vuitton revealed its financial results for the first half of 2020. The effect of the coronavirus pandemic couldn’t be ignored as the reported revenue of 18.4 billion euros turned out to be 27% down if compared with the first half of teh previous year.
Chairman and CEO of LVMH Bernard Arnault commented on the company’s performance in the first half of 2020 the following way:
“LVMH showed exceptional resilience to the serious health crisis the world experienced in the first half of 2020. Our Maisons have shown remarkable agility in implementing measures to adapt their costs and accelerate the growth of online sales.”
“Thanks to the strength of our brands and the responsiveness of our organization, we are confident that LVMH is in an excellent position to take advantage of the recovery, which we hope will be confirmed in the second half of the year, and to strengthen our lead in the global luxury market in 2020”, added he.
Meanwhile, it’s worth mentioning that the profit from recurring operations in the first half of 2020 fell by 68% if compared to the profit received by LVMH in H1 2019.
The net cash from operating activities went down by 80%.
Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.