The uniforms of the French athletes at the Paris Olympics will have some words sewn into an inside pocket: LVMH Artisan of All Victories (Greek: LVMH the creator of all victories).
And truly the world’s most powerful fashion and spirits group only wins count. With revenues of 86.2 billion euros in 2023 and a retail network with more than 6,000 stores worldwide, it is also victoriously active in the Greek market, which, although relatively small, seems to have acquired a special weight in the development plan of the iconic giant in luxury goods.
Stores
In addition to the Louis Vuitton store in the heart of the country’s most luxurious shopping street, at 19 Bucharest Street, and the 3 stores of the leading brand in Mykonos, in a few weeks the boutique will also open in the marina of Vouliagmeni (Astir Marina).
In fact, in addition to Louis Vuitton, it is said that the LVMH group will also be present with another luxury house, Loro Piana, which is famous for its high-quality wool and cashmere clothing, while in our country it already has a store in Nammos Village of Mykonos.
Astir Marina
The most elegant pasticceria on the planet, the Milanese Cova, which since 2013 belongs to the LVMH Moet Hennessy Louis group, has already been operating for two and a half months in the commercial areas of Astir Marina, which is now among the top marinas with the highest standards in the Southeast Mediterranean. Vuitton still has stores in Monte Carlo, Paris, Kuwait, Riyadh, Doha, Beijing, Shanghai, Taiwan, etc.
However, it is not only fashion that interests the leading group in what concerns Greece. Based on information from the real estate market, he is reportedly looking for a suitable property in the center of Athens in order to create an ultra-luxury hotel under the Louis Vuitton brand. Of course, it remains to be seen whether Great Britain and King George will gain such a competitor. However, in Paris, specifically at 103-111 Avenue Elysium, next to the brand’s largest store, the first Louis Vuitton hotel will open its doors in 2026.
New turnover record
With sales in the ten months of January – October 2023 at the levels achieved in the whole of 2022, Greece seems to be particularly valuable for Louis Vuitton.
Specifically, the sales of the Greek subsidiary of the international luxury house reached 52 million euros and the profits exceeded 10.55 million euros. In other words, every day from the beginning of 2023 until the end of last October, the LVMH group made an average net profit of 34,703 euros in Greece!
From the profits of the 10th month, 10 million euros will be returned as a pre-dividend to the parent group.
The tourism
It should be noted that throughout 2022 the company sold products worth 51.97 million euros in Greece and showed a net profit of more than 15.16 million euros.
The management of the Greek subsidiary of the leading luxury goods group with brands such as Zenith International, Hublot, Bulgari, Tag Heuer, De Beers, Belvedere Vodka, Veuve Cliquot Champagne, etc., had envisioned its record 2023 already from the 2022 financial statements, relying on international travel and inbound tourism, which is an important part of its customers.
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