LVMH has released its financial results for Q1 2020, which reported that the group’s revenues decreased by 15% to reach €10.6 billion.
According to LVMH, Perfumes & Cosmetics sales decreased by 19% while online sales "grew rapidly." The company feels its major brands demonstrated their resilience as retailers reduced inventory levels given the current crisis.
It was also announced that Bernard Arnault, chairman and CEO, and each of the other executive board members will give up their remuneration for the months of April and May 2020 as well as all the variable remuneration relating to 2020. The board members of the company took the decision to reduce their attendance fees by 30% for 2020.