Even if HSBC’s forecasts for the luxury goods sector are confirmed and the rate of organic growth this year “falls” to 2.8% from an initially estimated 5.5%, marking one of the worst years in the last 20 years, “luxury it will always be around, no matter what happens in the world,” as Carolina Herrera has said.
Which is also confirmed by HSBC analysts, who expect luxury market growth to pick up in 2025, forecasting 7% growth, with high single-digit growth up to Q1 2025 and possible double-digit growth in Q2, due of the low comparison base from this year’s declines.
In the shallow Greek market, things are even better. Mykonos, which does not have the best days in terms of air arrivals, but also Athens, are among the fastest growing destinations for ultra high-net-worth individuals based on the special edition Luxury Insights – The Era of Ultra Luxe Shoppers on tax free luxury shopping trends issued by tax refund provider Global Blue.
The invasion of Louis Vuitton in the Greek market
It is no coincidence that LVMH, the world’s largest luxury goods group, with 75 top brands including Louis Vuitton, Christian Dior, Tiffany & Co, Fendi, Veuve Clicquot, Moёt & Chandon and Hennessy, which recorded disappointing sales in its third quarter 2024, in Greece it is expanding by leaps and bounds.
Specifically, Louis Vuitton started with the opening of the eponymous resort boutique in Mykonos, continued with the opening of pop up stores in Nammos Village and Zuma Mykonos, while this year was followed by the opening of the Louis Vuitton Astir Marina store in Vouliagmeni.
In fact, in addition to Louis Vuitton, the LVMH group also has a presence in the domestic market with the luxury houses Dior with stores in Bucharest, Vouliagmeni (Astir Marina) and Mykonos and Loro Piana, famous for its high-quality wool and cashmere clothing with stores also in Astir Marina and Nammos Village in Mykonos.
Louis Vuitton Hellas sales in 2023 increased by 19.3% compared to 2022, reaching 64.84 million euros. 
Profitability was slightly down (pre-tax profits came in at €18.66m and after-tax profits at €14.5m, both down around 4.4%), both due to the hiring of 18 new employees and of investments in new locations (200 thousand euros cost the opening of the new store at the premises of the Zuma restaurant in Mykonos, while the construction cost of the store in question amounted to 600 thousand euros).
The gold earnings of Hermes and the relationship with Aegina
In contrast to the LVMH and Kering groups (including Gucci, the flagship of the Kering group, saw a 26% drop in revenue in the third quarter) the financial performance of Hermès, a symbol of ultimate luxury with its famous Birkin leather bags, jewelry, watches, china, all-silk handkerchiefs and ties, perfumes, riding gear, and the ready-to-wear shoe collection, continue to impress.
The same happens within borders. The one and only Hermès boutique in Greece (Stadium and Bucharest) closed 2023 with a turnover of 17.5 million euros, marking a significant increase of 28.83% compared to 13.6 million euros in 2022.
The pre-tax profits of Hermes Greece amounted to 4.26 million euros, increased by 34.82% compared to the 3.16 million euros of 2023, while the profits after taxes also recorded a corresponding increase (35.01%). which amounted to 3.3 million euros against 2.45 million euros in 2022. 
The luxurious French house of the Dumas family has a fatal relationship with Greece.
The Greek-born Rena Grigoriadis-Dumas met her husband Jean-Louis Dumas, later head of the French house Hermes, at a party in the Paris student residence, where she studied Architecture, in the late 1950s.
Also, the relations of the Hermès house and its heirs with Aegina are well known. The family, which owns the largest share of the house, loves the island and is inspired by the ancient olive grove, owning a luxurious residence in Pachia Rachi.
Double-digit growth for Prada and a vote of confidence in Mykonos
With 48% of Prada Hellas’ total sales coming from Greeks, the Italian fashion house continued to grow in 2023 in the domestic market.
In more detail, the revenues of Prada Hellas with a store in Bucharest recorded an increase of almost 28% last year to 11.73 million euros from 9.18 million euros, while the after-tax profits showed a decrease to 282 thousand euros from 362 thousand euros in 2022.
It should be noted that the financial report states that local customers showed a significant increase of 32% during the year, while international customers also made a strong contribution, representing 52% of total sales, increasing by 24% during 2023 .
Most of Prada’s customers come from America, Europe and the Arab countries, while a special mention is made of the brand’s Chinese customers, who are noted to be showing an increase, contributing 4% of the company’s turnover.
It is worth mentioning that Asian tourists in 2019 made 31% of sales. 
The luxury brand is giving a voice to the Greek market as an investment, as this summer it opened a Miu Miu store in Nammos Village in Mykonos.
It is recalled that Miu Miu is once again emerging as the hottest brand worldwide, according to shopping platform Lyst.
In line for Rolex
The course of Rolex Hellas, exclusive importer of the Swiss house in our country, which markets the Rolex and Tudor brands in Greece, is also excellent.
In fact, betting on the good course of tourism this year as well, the management is optimistic that sales will increase further. 
It is sufficient, of course, that there are products available. “A critical element for the achievement of the higher goals is the timely supply of (the company) with available models, especially during the summer months when there is a greater demand” is pointed out in the financial report of Rolex Greece for the year 2023 .
The turnover of Rolex Greece, recording an increase of 12.6% in 2023 amounted to 93 million euros with the company adding 10.5 million euros to its coffers.
Net pre-tax profits amounted to 9.1 million euros, marking an increase of 1.92% compared to 2022’s 8.9 million, while a marginal decline (-0.1%) was recorded in profits after taxes which amounted to 6.66 million euros.
As stated in the company’s financial statements, the management declares its complete satisfaction with the results achieved.
Chanel’s turnover more than doubled
In the midst of a deep inflationary crisis, Chanel products sold out in the domestic market, as demonstrated by the financial figures of Linea Piu of the Kasnakidis family, which for many decades has been the exclusive commercial partner of the leading French house in Greece. 
Sales in 2023 increased by 136.83% compared to the previous year, while an important role was played by the fact that last year the company, with the aim of maximizing its sales, moved its main operations from Sekeri Street to a location with a larger commercial capacity, and specifically in a new store on 13 Bucharest Street, right next to the Louis Vuitton and Prada boutiques and opposite the Dior one. In addition, a new store was opened on the island of Mykonos, in Nammos Village.
Specifically, turnover amounted to 27.87 million euros, when in 2022 it had fluctuated around 11.77 million euros, while net profits after taxes increased by 220.39% and hovered around 8.1 million . euros.
Almost half a trillion. dollars the value of buying luxury goods
Based on data from independent German platform Statista, revenue in the luxury goods market will reach US$473.90 billion in 2024. The market is expected to grow at a compound annual growth rate of 4.04% (CAGR 2024-2029).
The largest market segment is luxury watches and jewelry with a market volume of $157.60 billion in 2024.
In a global comparison, most revenue is generated in China (US$102 billion in 2024) so the slowdown in consumer spending in this huge market has slightly dulled the industry’s luster.
Source: ot.gr
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