Expectations for India’s economic growth are being revised sharply lower as a surge in people losing their jobs and defaulting on debt suggest a more halting recovery from the financial shock of the COVID-19 pandemic.
Surging sales at Louis Vuitton and Dior helped French luxury giant LVMH make a very strong start to 2021, with overall revenues returning to growth in the first quarter despite new coronavirus lockdowns in Europe.
Sales at luxury puffer jacket maker Moncler recovered in the key final quarter of 2020 to rise by 8% despite the fallout from the coronavirus pandemic, as soaring revenues in Asia helped it offset a decline in Europe.
The offering of 17,994,117 American Depositary Shares (ADSs) represents 17,994,117 ordinary shares, including the full exercise by the underwriters of their option to purchase 2,347,058 additional ADSs.
French luxury group Kering's Q2 comp sales plunged by 43.7% due to the coronavirus. Gucci comp sales fell 45% and Saint Laurent 48%, but recovering Bottega Veneta contained the drop in revenue to only 24.4%
LVMH, the world’s biggest luxury goods group, said sales momentum picked up in June and had especially improved in China, after store closures sparked by the pandemic tore a hole in the Louis Vuitton owner’s Q2 sales.