LVMH watch and jewelry sales down 24% in 2020

LVMH Moët Hennessy Louis Vuitton (LVMH), a global leader in luxury goods, released its 2020 results reporting a 17% decrease in revenue to € 44.7 billion from the previous year, but noting good resilience of its business “in an economic environment severely disrupted by the serious health crisis that 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 sales of watches and jewelry in 2020 reached € 3,356 million, down 24% compared to 2019 (€ 4,405 million). Profits from recurring operations in the watch and jewelry segment fell 59% to € 302 million from € 736 in 2019.
Commenting on the 2020 results, Bernard Arnault, Chairman and Chief Executive Officer of LVMH, said: “LVMH showed remarkable resilience against the unprecedented health crisis the world experienced in 2020. Our priority has been to protect the health and safety of our employees and our clients and we have provided direct support in the fight against the pandemic. Our Maisons have shown great agility and creative energy in continuing to bring to life our customers’ dreams through a unique digital experience thereby further strengthening their desirability. Our focus on dynamic innovation was accompanied by strong commitments to the environment, sustainability and inclusion. We are starting 2021 with the pleasure of welcoming the iconic jewelry Maison Tiffany and its teams to our Group. In a context that remains uncertain, even with the hope of vaccination giving us a glimpse of an end to the pandemic, we are confident that LVMH is in an excellent position to build upon the recovery for which the world wishes in 2021 and to further strengthen our lead in the global luxury market.”

Vladimir Malakhov, Rough&Polished