The French luxury conglomerate LVMH says it still plans to buy Tiffany & Co, despite a plunge in profits because of COVID-19.
First-half operating profits for LVMH Moët Hennessy Louis Vuitton fell 68 per cent from $5.295bn to $1.960bn as travel restrictions halted the usual influx of high-spending Chinese and US tourists to Europe’s fashion capitals, and the company was forced to slash spending on store leases, hiring and advertising.
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