Richemont Group has recently announced its results for the year ended 31 March 2020. On a yearly basis, the group recorded revenues of EUR 14, 238 million, up 2% at actual exchange rates and stable at constant exchange rate compared to the prior year. However, this doesn’t reflect the current situation in the market. Sales over the nine-month period from April to December 2019 had increased by 8% at actual exchange rates and by 5% at constant exchange rates, before the Coronavirus pandemic put downward pressure on the global economy. As expected, over the 4th quarter, operations were strongly affected by the COVID-19 crisis. The luxury industry, including the Swiss watch industry, is expected to be amongst the hardest-hit sectors. Consumer consumption has collapsed as many countries have been under complete lockdown.