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.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos