Luxury sales to stay weak - LVMH

Luxury stores around the world have had their shutters pulled down.

Even now they’re opening again, business may not boom.

Louis Vuitton-owner LVMH says it can only hope for a gradual recovery.

The world’s biggest luxury brands group held a shareholders’ meeting Tuesday (June 30), online of course.

It says second-quarter earnings were hit particularly badly in Europe and North America.

But Chairman Bernard Arnault did see some ‘quite vigorous’ signs of recovery in June.

That as luxury shopping hubs Milan and Paris started to reopen.

The company says it is still not possible to make any firm projections on sales though.

The whole sector is suffering from a lack of tourist spending.

Prospects for LVMH’s $16 billion dollar purchase of Tiffany also remain unclear.

On Tuesday managing director Antonio Belloni would only say that the U.S. jeweller deserved a place in the company’s portfolio.

In early June, sources told Reuters that LVMH was looking to pressure Tiffany to accept a lower price.