LVMH, owner of luxury brands including Fenty, Louis Vuitton and Marc Jacobs, says it has shuttered some stores in the Chinese city of Wuhan following the outbreak of the coronavirus.
Speaking as he revealed the company’s results, chairman and chief executive Bernard Arnault (pictured), said: “The first reaction is ‘don’t panic, let’s calmly analyse the situation’.”
He said that based on information from Chinese authorities, the peak of the virus could pass within weeks.
“That’s the information we have,” Mr Arnault said. “If it dies out in two months or two months and a half, it’s not terrible. If it takes two years, that’s a different story.”