Luxury goods conglomerate LVMH (holding company of Louis Vuitton, Dior, and Fenty Beauty) has announced a 10-20 percent drop in revenue compared to the same period in 2019. The slump is attributable to the global impact of Covid-19, as reported by Bloomberg.

The luxury goods sector has been struggling to adapt to the knock-on effects of the pandemic with many physical stores closing and a large sector of consumers – particularly the lucrative Chinese market – not spending on luxury items. Now that the next cycle of fashion weeks have been canceled or postponed until September, and key industry events such as Met Gala postponed indefinitely, the future of the fashion industry as it's known appears precarious.

“In a particularly uncertain environment, the Group will maintain a strategy focused on the preservation of the value of its brands, supported by the exceptional quality of its products and reactivity of its teams,” LVMH shared in a statement. The “[outbreak’s] impact cannot be accurately calculated at this time without knowing the timing of a return to normal in these countries.”

LVMH company is slated to disclose first-quarter results on April 16.

You can follow up with how Covid-19 has been disrupting the fashion industry here.