Tiffany Buyer LVMH Reports a Vigorous Q3 Rebound Despite COVID

European fashion and luxury goods giant LVMH Moet Hennessy (OTC:LVMHF), which is currently involved in a prolonged and uncertain acquisition of Tiffany & Co. (NYSE:TIF), reported its third-quarter 2020 results earlier today. While still down from Q3 2019, according to the press release, the company’s metrics reveal a strong rebound in sales across most categories.

Organic revenue plunged 38% year over year in the second quarter but was only down 7% in Q3, showing the speed at which sales are returning. A breakdown of business activity by sector indicates LVMH is actually ahead of 2019 in its Fashion & Leather Goods segment, with a 12% revenue rise year over year. Wines & Spirits has almost recovered, with a 3% decline compared to 2019.

A young woman indicating luxury jewelry inside a glass showcase.

Image source: Getty Images.

While Perfume & Cosmetics and Watches & Jewelry are still down 16% and 14%, respectively, from last

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Surging Vuitton sales boost LVMH despite pandemic woes

PARIS (Reuters) – Recovering sales of Louis Vuitton handbags helped LVMH LVMH.PA contain the fallout from the coronavirus crisis in the third quarter, as the world’s biggest luxury goods group reported a smaller-than-expected drop in revenues.

FILE PHOTO: A Louis Vuitton logo is seen outside a store on the Champs-Elysees in Paris, France, September 18, 2020. REUTERS/Charles Platiau/File Photo

LVMH has like peers been hurt by the pandemic, and the French conglomerate has also hit the headlines as it seeks to walk away from its planned acquisition of U.S. jeweller Tiffany TIF.N in the midst of the crisis.

But LVMH has proved more resilient than some of its smaller peers, despite travel restrictions and store closures that have affected the whole industry, and its shares are only down 3% since the beginning of the year.

On Thursday, LVMH said its overall comparable sales fell

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