French luxury conglomerate LVMH Moët Hennessy Louis Vuitton, slammed by COVID-19 lockdowns in its key markets worldwide, saw first-quarter revenue drop 15 percent to $11.5 billion compared to the year-ago period, or a 17 percent fall on an organic basis.
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Former journalist and content specialist Bénédicte Epinay has been named president/CEO of Comité Colbert, a 66-year-old association that represents the interests of French luxury brands.
The business outlook for 2020, as provided in a briefing Dec. 10, is no longer valid as Safilo suffers the consequences of lost sales over lockdowns and store closures to combat the spread of the COVID-19 coronavirus.
As luxury fragrance and beauty brands struggle to find their way in a marketplace mostly shut down by coronavirus lockdowns, many are turning to soothing and uplifting digital marketing campaigns that offer consumers a clean and healthy oasis from bad news.
Luxury brands are turning to emerging social networks TikTok and its Chinese version of Douyin as a new way to reach younger affluent consumers at a time when many are locked down at home and looking for entertaining content on their phones.
LVMH’s Moët Hennessy wines and spirits division is pulling its own weight by supporting hospitals and medical staff in host countries worldwide.
French fashion giant Chanel has released the latest installment of its “Beyond the Jar” video campaign in an effort that plays up the makers and ingredients of its perfumes to appeal to consumers with a taste for organic handmade goods.
The world of haute couture, where individual pieces of high-end fashion are crafted by hand from start to finish, has only become more accessible to Chinese consumers lately.
Luxury Daily’s live new: LVMH expects first-quarter revenue to drop 10-20pc over COVID-19 measures; 4 questions for CEO Jean-Christophe Babin on Bulgari’s lending hand to Italian authorities; Net-A-Porter suspends operations in US and Europe, keeps Asia Pacific open; Zegna family, management to chip in $3.3M for Italian anti-COVID-19 effort; Luxury business, while resilient, likely to contract $66B to $77B in 2020.
