Luxury giant LVMH Moët Hennessy Louis Vuitton's watch and jewellery revenues were down 26 per cent in the first quarter of 2020 as the Covid-19 pandemic takes a heavy toll on businesses.

Bulgari, one of the group's best-perforing brands, saw a decline in sales mainly due to virus-induced store closures, particularly in Asia, as well as travel restrictions. Reduced retail orders meanwhile hit TAG Heuer and Hublot despite a good start to the year. 

On a lighter note, Chaumet inaugurated its fully renovated Place Vendôme store in Paris while TAG Heuer launched a third-generation luxury connected watch during the first quarter. 

LVMH also warned that the closure of its manufacturing facilities and shops globally in the first half of the year will adversely affect its annual revenues. 

"We can only hope that the recovery happens gradually from May or June after a second quarter, which will still be very affected by the crisis, in particular in Europe and the US," the conglomerate noted. 

Overall revenues from the group's diverse businesses for the first quarter of 2020 fell 17 per cent.