Louis Vuitton: New sales record in Greece, especially for its iconic bags

Despite concern about international events and inflationary pressures, the sales of the Greek subsidiary of the multinational luxury goods group continue to grow at an impressive rate. And the upward trend of tourist flows plays a catalytic role in this.

One of the most classic Louis Vuitton bags, the "Speedy Bandoulière 25," starts from around 1500 euros. For most, this price makes it out of reach. But they have quickly disappeared from the shop windows of the well-known luxury goods company in Greece!

Maybe there is some in stock at the new Louis Vuitton store in Marina Vouliagmeni store that opened its doors last summer.

According to the financial statements just published by "Louis Vuitton Hellas", sales increased in 2023 by 19.3% compared to 2022, reaching 64.84 million euros!

And the profitability, although slightly reduced mainly due to the recruitment of 18 additional employees (now reaching 64), and the investments in the new shops are equally remarkable. Pre-tax profits were 18.66 million euros, and net profits were 14.5 million euros.

The parent company will receive the latter as a good dividend, as it has been accustomed to in recent years.

To be precise, the parent company had taken care to receive almost 10 million euros in the form of an advance dividend just before the end of last year's financial year, while it is expected that they will soon receive the remaining 4.5 million euros.

Under President Mark Allins, head of the Group in the Mediterranean countries, the subsidiary's management expects even better performance for the current year.

He estimates that Louis Vuitton Hellas will continue to be profitable, increasing its cash balances, which provide it with strong liquidity.

Louis Vuitton's main store in Greece is located in Voukourestiou Street, Athens. The brand also has a presence in Mykonos, with seasonal stores. During this summer season, stores have operated in Nammos Village and on the premises of the Zuma restaurant.

The operation of the company's new store in the Astir Marina shopping centre on the Athenian Riviera also began.

Stelios Morfidis is a columnist for New Money. Translated by Paul Antonopoulos.

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