Paris—LVMH posted a double digit drop in revenue in its full-year results as COVID-19 continues to take a toll on the French luxury titan.
For the full year, company revenue totaled €44.65 billion ($54.27 billion), down 17 percent on a comparable basis.
Fourth-quarter revenue totaled €14.3 billion ($17.38 billion), a 3 percent decrease compared with the previous year.
“LVMH showed remarkable resilience against the unprecedented health crisis the world experienced in 2020,” said CEO Bernard Arnault in a press release announcing the results.
“Our maisons have shown great agility and creative energy in continuing to bring to life our customers’ dreams through a unique digital experience thereby further strengthening their desirability.”
For the full year, revenue in the watches and jewelry segment was down 24 percent to €3.36 billion ($4.08 billion). Revenue was down 2 percent to €1.09 billion ($1.32 billion) in the fourth quarter.
The watch and jewelry category saw a strong rebound in China in the second half of the year, said LVMH.
Bulgari performed particularly well in the region. The brand launched its Serpenti Viper, B.Zero1 Rock and Barocko collections this fiscal year.
Chaumet, which also did well in China, opened its revamped store on Place Vendôme in Paris.
The company’s acquisition of iconic American jeweler Tiffany & Co. closed earlier this month.
In the watches segment, TAG Heuer celebrated its 160th anniversary, launching several limited-edition watches in the Carrera collection as well as its third-generation smartwatch.
TAG Heuer named tennis champion Naomi Osaka as its new brand ambassador.
Hublot launched the Big Bang Integral and Spirit of Big Bang Meca-10 and was named the
official timekeeper of the Premier League for the 2020-2021 season.
Fred expanded in China, bolstering its digital presence. The watch brand developed the Force 10 line and launched Chance Infinie.
Looking ahead, LVMH did not provide financial guidance for the next fiscal year, but said it is “well-equipped to build upon the hoped-for recovery in 2021 and regain growth momentum for all its businesses.”