The world’s biggest luxury group LVMH and the largest cosmetics maker L’Oréal have shaken off the sharp falls in first-quarter sales due to Covid-19, saying they will be able to withstand the knock to their businesses.
“The market should recover quickly as soon as measures to close sales outlets are lifted,” said L’Oréal on Thursday.
LVMH’s finance director said Covid-19 “would not have a lasting impact” on its activity and pointed to positive signs from China where the virus hit first but quarantines have now been lifted. Sales at Louis Vuitton, its biggest brand, have risen 50 per cent in the past two weeks compared with the same period last year.
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