Luxury products group LVMH Moët Hennessy Louis Vuitton recorded revenue of €44.7 billion in 2020, down 17%. Organic revenue declined 16% compared to 2019.
Overall, LVMH showed good resilience in 2020 considering that the Covid-19 pandemic 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 fourth quarter of 2020 evidenced a significant improvement in trends in all its activities compared to the first nine months of the year with a revenue decline of only 3%.
Profit from recurring operations, which amounted to €8.3 billion in 2020, declined only 28% over the year due to a return to growth in the second half, which was up 7%. Operating margin reached 18.6% in 2020. Group share of net profit amounted to €4.7 billion, down 34%.
The Watches & Jewelry business group had an organic revenue decline by 23% in 2020 but it saw a strong improvement in trends in the fourth quarter, which fell only 2%. Profit from recurring operations was down 59%.
Bulgari maintained a high pace of jewellery innovation with the successful launches of its Serpenti Viper, B.Zero1 Rock and Barocko collections. Chaumet inaugurated its new store at its historic address on Place Vendôme in Paris at the start of 2020 and strengthened its presence in China. In the watch sector, TAG Heuer celebrated its 160th anniversary with several limited editions in the Carrera collection and launched the third generation of its smartwatch in New York. The year 2021 marks the entry into the Group of the prestigious American jeweller Tiffany.
Taking advantage from its well diversified presence across its activities and the geographic areas in which it operates, LVMH enters 2021 with cautious confidence, once again setting the objective of reinforcing its global leadership position in luxury goods. lvmh.com