Published by Dominique Muret | Fashion Network, April 24, 2020
Placed in quarantine at the end of January because of the coronavirus pandemic, China gradually resumed its activities after a month and a half of containment. While the luxury goods industry has started to reopen a large part of its stores in this country and hopes to receive a decisive recovery signal there, the first returns are heralding a recovery between light and shadow, while sketching the contours of a market that will be very different from the one before Covid-19.
On the occasion of the publication of the quarterly results of the main players in the luxury goods sector, the first promising indications are coming from the Middle Kingdom. On 16 April, the giants L’Oréal and LVMH reported a positive trend. Between January and March 2020, the world leader in cosmetics recorded a 6.4% increase in sales in the country, which « already shows an encouraging recovery in the consumption of beauty products, » according to CEO Jean-Paul Agon. For his part, LVMH’s Chief Financial Officer, Jean-Jacques Guiony, said that in April, for the group’s main brands, namely Louis Vuitton, Dior and Sephora, « the recovery has been rapid, with growth rates of 50% as of April 15 ».
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