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Luxury goods giant LVMH (Givenchy, FENTY beauty, Louis Vuitton) has released its Q1 report, the first to update the global economy since Covid-19 and, with it, the luxury fashion industry.

The study shows that LVMH’s €10.6 billion estimated revenue for the first quarter of 2020 is down 15 percent compared to Q1 of 2019. This decline is due to the closing of physical stores and an international travel suspension.

The report states that there was “a fall in organic revenue of 10 per cent in the first quarter of 2020 in a market environment marked by shop closures in many regions around the world” across its apparel and luxury goods businesses. Furthermore, the report does state that online revenues experienced rapid growth.

The study ends with intel that president and chief executive Bernard Arnault and other executives should “give up their remuneration for the months of April and May 2020 as well as all variable remuneration relevant to the year 2020.”

LVMH insists that the goal of LVMH is to “safeguard the health of its employees and customers,” although there have been contradictory reports on the welfare of LVMH employees, following a decision to backtrack on seeking assistance from the French state to help furloughed workers.