Find in the news:
BY COUNTRY

Profits for the owners of Louis Vuitton and Dior fell by 84%



The CFO of LVMH complains that "planets have lined up against" the luxury conglomerate.
Louis Vuitton Depositphotos

Due to the closure of luxury boutiques during the Coronavirus pandemic, the world's largest luxury retailer is experiencing significant financial difficulties. In its financial report for the first half of 2020, the LVMH conglomerate showed an 84% drop in profits to $612.3 million. This figure was much lower than predicted, and analysts had previously predicted a much faster recovery from quarantine. 

In addition to the closure of retail outlets, one of the main reasons for such significant losses of the company is its vertical organizational structure. LVMH owns most of its suppliers, manufacturers, and even individual stores. Therefore, the conglomerate was not able to quickly reduce costs by cutting backorders to suppliers. 

During a conference call, Jean-Jacques Gioni, LVMH's Chief Financial Officer, said that the situation remains "very difficult" for the company. He also said that already in June there were improvements, which continued in July, mainly due to the opening of stores in China and the beginning of the quarantine process in Europe. However, the lack of tourist flows for LVMH boutiques is still a serious issue. The LVMH representative also added: "I don't think we've ever seen the planets lined up against us so much.

Photo credit: depositphotos.com.

More about shopping malls in France



YESTERDAY, USA:
The 2,600-square-foot outlet is located in East Hampton, N.Y.
YESTERDAY, United Kingdom:
The tenth store in the new experimental concept opened in Henfield, West Sussex.
DAY BEFORE YESTERDAY, USA:
Sales of major brands continue to grow, despite the difficult economic situation.
DAY BEFORE YESTERDAY, India:
The retail space is located in the Dhan Mill complex.
May 30, 2023, United Kingdom:
The pop-up store will be open until June 5, 2023.
May 30, 2023, China:
The more than 13,000-square-foot outlet will close due to the expiration of its lease.
Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us