He said: “We stand in solidarity with all who are suffering through this situation and acknowledge the remarkable contribution of all our associates. Our results today underscore the extent of the disruption exacted by the pandemic on our operations. Even more importantly, the resilience of our performances validates our model and supports our confidence that we will come out of this crisis even stronger. 

“We entered 2020 in a particularly solid position - our global scale, the desirability and agility of our brands, and our values of sustainability and responsibility, all are key assets in weathering current conditions. Our strategic vision is only reinforced by the crisis and, with the benefit of our sound financials, innovativeness and digital expertise, we are pursuing its implementation with consistency and determination.”

The group, which owns brands including Gucci, Saint Laurent and Bottega Veneta, added that there had been encouraging recovery as stores reopened, particularly in China.

In 2019, Kering had nearly 38,000 employees and revenue of €15.9 billion.