LVMH said it expects revenues to drop by 10 to 20 percent year-on-year in the first quarter of 2020, as restrictions to combat the Covid-19 pandemic have forced the group to close production sites and stores in several countries. Separately, the bank RBC Europe said that overall global retail sales of luxury goods could fall by 20 to 30 percent this year because of the Covid-19 pandemic. It expects that Europe will be hit the hardest because of the absence of tourists, who make half of the region’s luxury goods purchases. The bank sees LVMH’s sales dropping by 23 percent, Kering’s by 16 percent, Richemont’s by 37 percent, Burberry’s by 30 percent and Hugo Boss’ by 17 percent.