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LVMH shows good resilience in the first half of 2020

Paris, July 27, 2020

LVMH Moët Hennessy Louis Vuitton, the world’s leading high-quality products group, recorded revenue of 18.4 billion euros in the first half of 2020, down 27%. On an organic* basis, revenue declined 28% compared to the same period in 2019. LVMH has proven its ability to be resilient in an economic environment severely disrupted by the serious health crisis that has led to the suspension of international travel and the closure of the Group's stores and manufacturing sites in most countries over a period of several months. The Group's priority has been and remains the safety of its employees and customers. The LVMH teams have demonstrated their strong commitment in dealing with this unprecedented situation while efforts to adapt to the current environment are actively underway in order to control costs and ensure a more selective investment policy.
In the second quarter, revenue was down 38% on an organic basis compared to the same period in 2019. Although there were encouraging signs of recovery in June across several of the Group's activities, revenue was notably down in the United States and Europe during the quarter. Asia, however, has seen a marked improvement in trends, with a strong rebound in China in particular.

Profit from recurring operations amounted to 1 671 million euros for the first half of 2020 and operating margin stood at 9%. The profitability of Louis Vuitton, Christian Dior and Moët Hennessy remained at a high level. Group share of net profit amounted to 522 million euros.

Bernard Arnault, Chairman and CEO of LVMH, said: “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. While we have observed strong signs of an upturn in activity since June, we remain very vigilant for the rest of the year. We continue to be driven by a long-term vision, a deep sense of responsibility and a strong commitment to environmental protection, inclusion and solidarity. In the current context, we remain even more firmly dedicated to showing continuous progress in these areas. 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."

Highlights of the first half of 2020 include:

  • Good resilience, notably from the major brands, in an economic environment disrupted by the global health crisis,
  • Absolute priority placed on the health and safety of our employees and customers,
  • Direct support in the fight against the epidemic,
  • Impact of the crisis on revenue worldwide, with however a strong recovery in the second quarter in China,
  • Significant acceleration in online sales, only partially offsetting the impact on revenue of several months of store closures,
  • Destocking by retailers for Perfumes & Cosmetics and Watches,
  • Suspension of international travel, severely penalizing travel retail and hotel activities.


Key figures

Euro millions
First half 2019 First half 2020 % change
Revenue 25 082 18 393 - 27 %
Profit from recurring operations 5 295 1 671 - 68 %
Group share of net profit 3 268 522 - 84 %
Cash from operations before changes in working capital 7 399  4 421 - 40 %
Net cash from operating activities 4 189 850 - 80%
Net Financial debt 8 684 8 230 - 5 %
Total equity 35 390 37 532 + 6%

Revenue by business group:

Euro millions First half
First half
% change
  Reported  Organic*
Wines & Spirits 2 486
Författare LVMH

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