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LVMH Profits Plunge, but it Will Still Buy Tiffany

Written by jewelerssuite

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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