LVMH, home to Bulgari, Hublot, TAG Heuer and Zenith, has told investors to expect a drop in sales of 10% to 20% in the first quarter.
The results for the three months to March 31 will be published on April 16, but the French luxury goods giant issued an interim management report from the board of directors on Friday last week.
“In a particularly uncertain environment, the group will maintain a strategy focused on the preservation of the value of its brands,” the company said in a statement from the board.
Looking forward into Q2, which begins this week, LVMH said that the full impact of the virus “cannot be accurately calculated at this time.”
The hope will be that, even as major European and American markets tighten restrictions on movement that will keep stores closed and citizens travelling for many more weeks, lock downs in key markets in Asia may be relaxed.
Bloomberg reports that some LVMH boutiques have already reopened in China.
