- Huw Hughes |
LVMH has announced it has pushed the date of its annual shareholders’ meeting scheduled for next month back to the end of June due to the Covid-19 pandemic.
The French luxury conglomerate, whose portfolio includes brands Louis Vuitton, Christian Dior, Celine, Loewe, Kenzo, Givenchy and Fenty, said in a statement: “Given the current situation, the LVMH Board, which met today, has decided to postpone the Annual Shareholders’ Meeting from the initial scheduled date of 16 April, 2020 to 30 June, 2020."
The company added: “A press release will be issued at a later date informing shareholders of the arrangements for this Annual Shareholders’ Meeting and the payment of the dividend.”
As the world’s largest luxury goods group, LVMH’s announcements, like its financial updates, are always highly anticipated in the fashion community.
For the 2019 financial year, the group recorded revenue of 53.7 billion euros (59.1 billion dollars), up 15 percent from the year before.
Earlier this month, LVMH announced it had secured an order with a Chinese industrial supplier for 10 million medical masks to be distributed in France to help professionals on the frontline of the Covid-19 pandemic. The company said it would be repeating the order for a minimum of four weeks in similar quantities, resulting in an expected total of around 40 million masks.
The group said that its CEO Bernard Arnault would be financing the first week of deliveries - amounting to five million euros.
That news came just a week after a similar announcement by the company that it would be retooling all its French production facilities for its perfumes and cosmetics division to begin manufacturing hydroalcoholic gel for public authorities.
Photo credit: Louis Vuitton, Facebook