Luxury Goods Sales Fall in the Pandemic, LVMH Still No. 1
Luxury goods giant LVMH's brands include Moët & Chandon.
French luxury giant LVMH, whose wine and spirits brands include Moët & Chandon, Krug, Hennessy and Château d’Yquem, experienced an 11% fall in personal luxury goods sales in the Covid-hit 2020 year to US$34 billion/€30 billion.
The world’s Top 100 luxury goods companies generated luxury goods revenues of US$252 billion in 2020, down from US$281 billion the year before, according to Deloitte's Global Powers of Luxury Goods 2021 report.
A growing awareness of environmental concerns and the need for sustainability in how goods are produced and used is prompting extensive change in the market.
"What were previously choices of product design of just a few environmentally-conscious and courageous innovators, are now moving closer to the mainstream, involving almost all the companies in the industry," the report, entitled Breakthough Luxury, said.
French & Italian luxury goods dominate
The top ten companies remained largely unchanged, with Paris-based Kering, whose brands include Gucci and Balenciaga, coming in at No. 2, with luxury goods sales of US$15 billion.
US-based Estée Lauder and Switzerland’s Richemont maintained their respective third and fourth-place rankings, followed by France’s L’Oréal Luxe in fifth and Chanel in sixth place.
Hermès International entered the Top 10 for the first time, in ninth place. Watchmaker Swatch Group, with luxury goods sales down 33%, dropped out of the Top 10.
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