The luxury juggernaut confirmed that sales declined to €5.09 billion ($AUD9.1 billion) for the period ending 30 June, while profit decreased by 13 per cent. LVMH oversees the operations of more than 70 brands, including Tiffany & Co., Bulgari, Kering, and TAG Heuer.
In a statement, the company attributed the decleine in watch and jewellery sales to ongoing investments in store renovations. Sales in the US and Europe remained stable, while those in Japan declined.
“LVMH showed solidity in the current context,” said CEO Bernard Arnault.
“We owe this to the power of our iconic brands and their boundless capacity for innovation while remaining true to their culture of incomparable artisanal craftsmanship.”
Group sales declined by 4 per cent €39.81 billion ($AUD71.18 billion) while LVMH’s overall profit decreased by 15 per cent. LVMH recently confirmed that it has been struck by a second hack from cybercriminals, this time in Hong Kong.
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