Three-quarters of LVMH tanneries LWG certified last year
Paris-based luxury conglomerate LVMH recently published its 2020 annual report.
In the report, the company highlighted how 74% of its sourcing tanneries were Leather Working Group (LWG) certified last year.
It further showed that 39% of revenues from its fashion and leathergoods segment flowed from Asia (excluding Japan), with “double digit” growth in China. Significant revenue also came from the United States (19%) and Europe (excluding France), which accounted for 18% of LVMH’s fashion and leathergoods mix.
A major strategic priority for the current year and beyond includes the continued development of the Louis Vuitton and Dior brands, in particular, with Celine, Loewe and Fendi also mentioned, in addition to luxury cashmere and wool specialist Loro Piana.
Securing “responsibly sourced” raw materials through application of “the most exacting sourcing standards” for Louis Vuitton was also singled out by the group as a key action point going forward.
Overall, revenues for the conglomerate’s fashion and leathergoods section decreased approximately 3% on the previous year to around €21.2 billion. The group “very substantially” outperformed its competitors with this segment in the second half of the year, it said.
More macrocosmically, total revenues for LVMH across the board were roughly €44.65 billion, down 17% (or -16%, if taking exchange rate fluctuations into account).
