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CEO Bernard Arnault and four other LVMH executives to give up their April and May salaries due to the crisis linked to the coronavirus epidemic, which will “have an impact on annual sales and results”, announces the world’s number one in the luxury sector.
Bernard Arnault will cut corners on his salary as CEO of LVMH, world number one in luxury, in the midst of the coronavirus crisis, along with four other group leaders.
CEO Bernard Arnault as well as Antoine and Delphine Arnault, Nicolas Bazire and Toni Belloni, leaders of LVMH will give up part of their salary due to the crisis linked to the coronavirus epidemic, which will have “an impact on sales and annual results, “warned Thursday the world number one luxury.
LVMH announced a 15% year-over-year drop in first quarter sales to 10.6 billion euros. In organic data, this decline stands at 17%.
By the end of March, the group and its 75 houses (including Louis Vuitton, Dior, Guerlain, Sephora, Dom Pérignon and Bulgari) had indicated that they expected sales to fall by between -10% and -20% in the first quarter.
Variable gross salary of 2.2 million euros in 2019
“LVMH demonstrates good resilience in an economic environment disrupted by a serious health crisis,” the group said in its press release.
“The closings of production sites and stores in most countries of the world during the first semester will have an impact on sales and annual results“, which “cannot be precisely assessed at this stage, without knowing the return schedule to normal in the different implantation zones ”, according to LVMH.
“We can only hope that the recovery will take place gradually from May or June after a second quarter which should still be very affected by the crisis, especially in Europe and the United States,” warns the group.
LVMH also announces that Bernard Arnault and “each of the other directors exercising executive functions” – Antonio Belloni, Nicolas Bazire, Delphine Arnault and Antoine Arnault – have decided to “renounce their remuneration for the months of April and May 2020 as well as to any variable compensation for the year 2020 “.
Concerning Mr. Arnault – first fortune of France and third world according to the classification of Forbes – the amount of his variable gross salary will be fixed only at the end of the current exercise, but for comparison, that which will be subjected to Shareholder vote in June for 2019 amounted to 2.2 million euros.
The group will also propose, at the general meeting of shareholders on June 30, to reduce the dividend initially proposed for 2019 by 30%, which would thus amount to 4.80 euros.
Featured Photo : © LVMH[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
CEO Bernard Arnault and four other LVMH executives to give up their April and May salaries due to the crisis linked to the coronavirus epidemic, which will “have an impact on annual sales and results”, announces number one world of luxury.
Bernard Arnault will cut corners on his salary as CEO of LVMH, world number one in luxury, in the midst of the coronavirus crisis, along with four other group leaders.
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[/vc_cta][vc_column_text]Featured Photo : © LVMH[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”people-in-the-roles” njt-role-user-roles=”customer”][vc_column][vc_column_text]
CEO Bernard Arnault and four other LVMH executives to give up their April and May salaries due to the crisis linked to the coronavirus epidemic, which will “have an impact on annual sales and results”, announces number one world of luxury.
Bernard Arnault will cut corners on his salary as CEO of LVMH, world number one in luxury, in the midst of the coronavirus crisis, along with four other group leaders.
[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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[/vc_cta][vc_column_text]Featured Photo : © LVMH[/vc_column_text][/vc_column][/vc_row]
