News 
LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, recorded revenue of 30.3 billion euros in the first nine months of 2020, down 21%.
On an organic basis, revenue declined 21% compared to the same period in 2019. Since the start of the year, LVMH has demonstrated good resilience in an economic environment severely disrupted by the serious health crisis.
Revenue was down 7% in the third quarter on an organic basis, reflecting a marked improvement in trends compared to the first half, notably a return to growth in Cognac and Fashion & Leather Goods. The encouraging signs of recovery observed in June for several of the Group’s activities were confirmed in the third quarter in all regions, notably in the United States, and in Asia, which once again grew over the period.
The Watches & Jewelry business group saw its organic revenue decline by 30% in the first nine months of 2020. The rebound in China was observed in the third quarter but did not prevent the overall activity from dropping by 14% in the period. Bvlgari unveiled a new line of Barocko fine jewelry. Its latest watch models, presented at the Geneva Watch Days, were well received by distributors. Chaumet launched its new Perspectives fine jewelry collection exploring the theme of architecture. In the watch sector, TAG Heuer celebrated its 160th anniversary with new models from the Carrera line. After the launch of its new Connected Gold Edition smartwatch, the Maison became the Official Partner of the Porsche Golf Cup France.
As for the other business areas, Wines & Spirits saw its organic revenue decline by 15% (with comparable structure and constant exchange rates) over the first nine months of 2020 and by 3% in the third quarter. Fashion & Leather Goods recorded an 11% decline in revenue over the first nine months of the year in an environment marked by the closure of stores for several months. The third quarter saw a strong rebound in activity, with double-digit organic revenue growth. Perfumes & Cosmetics recorded a 25% decline in sales for the first nine months of 2020. Online sales grew steadily in the third quarter, while a significant improvement in trends was also observed in stores. In Selective Retailing, organic revenue declined 31% in the first nine months of 2020 and revenue improved in the third quarter.
In a very turbulent context, marked by continuing economic and public health uncertainties, LVMH will continue to exercise caution, strengthen its cost controls and demonstrate selectivity in its investments.
October 29, 2020