LVMH H1 profits drop 68 percent
Jul 28, 2020
The company said on Monday its H1 net profit slipped. Compared with the same period last year, revenues also dropped by 26.7 percent.
For H1, the company's net profit was 1,671 million euros, dropped from 5,295 million euros last year. Furthermore, revenues dropped to 18,393 million euros. Compared to 21 percent a year ago, the profit margin of the company decreased to 9 percent.
LVMH Moët Hennessy Louis Vuitton (EPA: MC), better known as LVMH, is a French multinational luxury goods conglomerate, headquartered in Paris. The company was founded in 1987 and is run by Bernard Arnault and his family. Luxury brands like Berluti, Loewe, Christian Dior, Celine and Givenchy are part of the group.
As of 2020, LVMH has more than 163,300 employees and operates over 4,900 stores.
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