As expected from the current sanitary situation, lockdown policies and closure of manufactures during the confinement, revenues a dropping massively for Richemont with sales down almost by half compared to the previous year. Richemont Group has the specificity to start its fiscal year on April 1st, meaning that the first-quarter 2020 results account for the month of April, May and June 2020… Right in the middle of what’s today known as one of the worse sanitary and economical situations ever known. Richemont reported sales down by 47%, impacted mostly by the Coronavirus pandemic – sales dropped from EUR 3,740 million for the first quarter 2019 to EUR 1,993 million for the first quarter 2020. The Group accounts double-digit sale decline “across all regions, distribution channels and business areas due to widespread temporary store and distribution centre closures, a halt in tourism and subdued consumer sentiment in many markets.”