The French luxury goods group LVMH says that it does not have a timeframe for when its business will return to normal but it noted “rather vigorous” signs of recovery in June.

Speaking at the group’s annual general meeting, its chairman and chief executive Bernard Arnault warns that second-quarter results will be “particularly affected” by the impact of the coronavirus pandemic but that he expects “a gradual recovery” of the group’s activity in the second half of the year.

LVMH has a 51 percent stake in the eyewear manufacturer Thélios, based in the Italian eyewear cluster of Longarone. Marcolin owns the remaining 49 percent in the joint venture.