After LVMH’s decent end to 2019, the current quarter could be rocky with the fallout from the new coronavirus likely to infect its hefty Chinese sales. That makes smooth progress towards its acquisition of Tiffany even more important, writes LJucca.
French luxury goods conglomerate LVMH on Jan. 28 reported a 15% rise in 2019 revenue to 53.7 billion euros, in line with forecasts compiled by Refinitiv. On a like-for-like basis, yearly revenue was up 10%.
Fourth-quarter revenue at LVMH, which in November agreed to buy U.S. jeweler Tiffany for $16 billion, grew 12% from a year earlier and increased 8% on a like-for-like basis. The group said sales increased in all regions, despite difficult conditions in Hong Kong in the second half of 2019.A new coronavirus identified in the central Chinese city of Wuhan has killed 106 people, China’s National Health Commission said on Jan. 28, up from 81 the day before. There were just over 4,500 confirmed cases in China.
Tiffany’s shareholders are due to vote on the deal with LVMH at a special meeting of stockholders on Feb. 4.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WHO chief says he is on way to China to confer on virus, boost responseThe World Health Organisation's director-general said late on Sunday he was...
Read more »
Arizona, California cases push US tally of new virus to 5Hong Kong protesters torched a residential building that was set to be used as a quarantine facility for coronavirus patients. Residents of the public housing block were angry over increased government plans to convert it into a quarantine zone.
Read more »
China counts 2,700 cases of new virus, 80 deathsSmall numbers of cases also have been found in Thailand, Taiwan, Japan, South Korea, the US, Vietnam, Singapore, Malaysia, Nepal, France and Australia.
Read more »
Oil prices skid 2%, extending slide as China virus spreadsOil prices slumped a further 2% to multi-month lows on Monday as the rising numb...
Read more »
China virus deaths rise to 80 as Hong Kong bans visitors from worst-hit provinceThe death toll from China's new coronavirus grew to 80 on Monday as residen...
Read more »
China extends Lunar New Year holiday as new virus toll risesChina's health minister warns that a new virus “is getting stronger” in its ability to spread, as the death toll rises to more than 80. There are more than 2,700 confirmed cases across the country.
Read more »