The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
French luxury goods group LVMH posted a three percent drop in comparable sales for the fourth quarter, in line with forecasts, as a boom in revenues at its big fashion brands like Louis Vuitton offset weak performance at its duty-free shops.
LVMH said fourth-quarter sales came in at 14.3 billion euros overall. For 2020 as a whole, when earnings were hit by the coronavirus pandemic that forced retailers to close shops, revenues reached 44.65 billion euros, falling 16 percent from a year earlier on a like-for-like basis, which strips out acquisitions and currency effects.
By Sarah White and Silvia Aloisi
The sharp fall in the yen, combined with a number of premium brands not adjusting their prices to reflect the change, has created a rare opportunity to grab luxe goods at a discount.
Fashion’s presence at Milan Design Week grew even bigger this year. Savvy activations by brands including Hermès, Gucci, Bottega Veneta, Loewe and Prada showed how Salone has become a ‘critical petri dish for dalliances between design and fashion,’ Dan Thawley reports.
The Hood By Air co-founder’s ready-to-wear capsule for the Paris-based perfume and fashion house will be timed to coincide with the Met Gala in New York.
Revenues fell on a reported basis, confirming sector-wide fears that luxury demand would continue to slow.