LVMH, the world’s largest luxury goods group, has announced that it will be rescheduling its annual shareholders’ meeting due to the ongoing impact of the Covid-19 pandemic. Originally scheduled for April 16, the meeting will now take place on June 30. The decision was made in light of the current situation, as the company prioritizes the safety and well-being of its stakeholders.
In addition to rescheduling the meeting, LVMH plans to issue a press release in the near future to provide shareholders with further details regarding the arrangements for the meeting and the payment of the dividend. This move showcases the company’s commitment to keep its shareholders informed and engaged during these challenging times.
Amidst the global crisis, LVMH has also taken proactive steps to support its home country, France. The company has recently placed an order for 40 million health masks from a Chinese supplier with the intention of sending them to France. Furthermore, LVMH has temporarily adapted three of its perfume and cosmetics sites to produce hand sanitizers for French hospitals. These initiatives highlight the company’s dedication to stepping up in times of need and contributing to the well-being of its community.
The fashion industry as a whole has been dramatically affected by the Covid-19 crisis, prompting various companies to make adjustments to their annual shareholder meetings. E-commerce giant Amazon, retail giant Target, and beauty conglomerate L’Oréal have all announced plans to hold their meetings online, embracing technology to maintain business continuity. Meanwhile, sports apparel brand Adidas has postponed its meeting to a later date in the year, following in the footsteps of LVMH.
These changes underscore the challenges faced by businesses in the fashion industry as they navigate through an unprecedented global situation. Adaptability and innovation are key as companies find new ways to conduct essential meetings and ensure the safety of their stakeholders. LVMH’s decision to reschedule its shareholders’ meeting demonstrates the company’s commitment to its shareholders’ well-being and its ability to swiftly adjust to rapidly changing circumstances.