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LVMH Moet Hennessy Louis Vuitton SE said strong growth in its top fashion brands boosted revenue in the third quarter, partially offsetting sharp declines in other segments of the conglomerate’s luxury empire that came under criticism by the coronavirus pandemic.

The turnover of the fashion and leather goods division of the French conglomerate, which includes Louis Vuitton and Dior, is up 12% compared to a year ago. Sales of Cognac Hennessy held up, driven by strong consumption in the United States

But LVMH’s other activities performed poorly, dropping overall revenue by 7% to 11.96 billion euros ($ 13.99 billion). The shortage of festive occasions has hurt the champagne business of the conglomerate, which includes Dom Pérignon and Moët & Chandon. A sharp drop in air travel criticized DFS, LVMH’s travel retail division.

And the turnover of its watchmaking and jewelery division is down 14%. The drop could have implications for LVMH’s legal battle with Tiffany & Co. over its soured deal to buy the U, S jeweler. LVMH has argued in court that the pandemic has been particularly damaging to Tiffany, resulting in a significant adverse change in business that would allow the French conglomerate to pull out of the merger.

Tiffany, in an unexpected announcement Thursday ahead of LVMH’s earnings, said its revenue fell “slightly” in August and September from a year ago, and operating profit rose 25%. Tiffany’s announcement was intended to refute LVMH’s argument that the pandemic has severely damaged Tiffany’s business, a person close to Tiffany said.

“We are very pleased with how activity rebounded after the first quarter and continues to rebound in the third quarter, particularly in mainland China, and recover in the United States,” said Alessandro Bogliolo, Managing Director of Tiffany.

Jean Jacques Guiony, chief financial officer of LVMH, said the conglomerate’s watch and jewelry brands, including Bulgari and Tag Heuer, were suffering as Chinese and Asian travelers were stuck at home, where they are less likely to make purchases. follies than when traveling abroad. These brands are not as strong among Western customers as LVMH’s big fashion brands, Guiony said.

“We have lost a lot of tourist activity,” he said. “We didn’t get any help from local customers, who are less developed than at Louis Vuitton and Dior.

Bulgari has been so successful in Asia, the Middle East and Russia that the brand has focused less on growing customers in Western Europe, Guiony said. “It is clear that the current situation means that we have to do this as well,” he said.

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