Paris-based LVMH has predicted its first-quarter revenues to drop between 10 and 20 percent, though they noted that it is impossible to calculate the exact impact of the coronavirus at this time, reports WWD.
The company plans to release its Q1 results to the public on April 16.
LVMH isn’t the only luxury company seeing revenue decreased amidst COVID-19. Major brands such as Burberry (London), Gucci (Florence) and St. Laurent (Paris) all predict a significant impact during these uncertain times.