After LVMH’s decent end to 2019, the current quarter could be rocky with the fallout from the new coronavirus likely to infect its hefty Chinese sales. That makes smooth progress towards its acquisition of Tiffany even more important, writes LJucca.
French luxury goods conglomerate LVMH on Jan. 28 reported a 15% rise in 2019 revenue to 53.7 billion euros, in line with forecasts compiled by Refinitiv. On a like-for-like basis, yearly revenue was up 10%.
Fourth-quarter revenue at LVMH, which in November agreed to buy U.S. jeweler Tiffany for $16 billion, grew 12% from a year earlier and increased 8% on a like-for-like basis. The group said sales increased in all regions, despite difficult conditions in Hong Kong in the second half of 2019.A new coronavirus identified in the central Chinese city of Wuhan has killed 106 people, China’s National Health Commission said on Jan. 28, up from 81 the day before. There were just over 4,500 confirmed cases in China.
Tiffany’s shareholders are due to vote on the deal with LVMH at a special meeting of stockholders on Feb. 4.
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