Louis Vuitton: Broke the bank in Greece – Turnover and profits more than doubled

Not only did the famous French house Louis Vuitton in Greece reach the performance of 2019, but the sales of its domestic subsidiary, Louis Vuitton Hellas, in 2022 were higher than the last “normal” year by 16.37 million euros.

And it wasn’t just turnover that was up for the subsidiary of the world’s biggest fashion and spirits company, but also net profits, as it put €6.54m more into its coffers than in 2019.

In particular, the turnover of Louis Vuitton Hellas, in the financial year 2022, amounted to 51.97 million euros from 25.6 million euros in 2021 and 13.37 million euros in 2020. In 2019, its turnover had risen to 35.6 million euros.

The net profits were also more than double compared to 2021, as they amounted to 15.16 million euros from 6.84 million euros in 2021 and 2.03 million euros in 2020. In fact, they far exceeded the 9.15 million euros in 2019.

The higher revenues also increased the amounts of dividends for the parent group, as at the meeting of the Board of Directors on November 15, 2022 it was decided to distribute an ex-dividend of 10.8 million euros, while during the 2022 financial year a dividend of 2.56 was paid million euros.

The company’s cash flow stood at €19.45 million from €10.16 million in 2021.

Regarding the company’s prospects for this year, the management estimates that the performance compared to the previous year will be even better if the scenarios for the higher tourist traffic are confirmed in combination with the dynamics presented by the domestic market.

Last year, Louis Vuitton Hellas employed 46 workers, each of whom received an average salary of 55.6 thousand euros, not including employer contributions. The average number of employees in 2021 was 36 people.

New shops in Mykonos

In addition to the store on Voukourestiou Street in Kolonaki, Louis Vuitton also operates a seasonal store in Mykonos, in the area of Tria Pigadia.

This year on the island of the winds, seasonal shops in Nammos Village and Zuma restaurant will also operate during the summer.

According to information, the famous luxury goods house will further strengthen its presence in the Greek market with stores in the renewed Marina of Asteras in Vouliagmeni.

Currently Bernard Arnault, the billionaire owner of the LVMH group with brands such as Zenith International, Hublot, Bulgari, Tag Heuer, De Beers, Belvedere Vodka, Veuve Cliquot Champagne, etc., is the richest man in the world, despite the sharp decline in his company’s stock recently.

The French billionaire still has a fortune worth more than $190 billion, while in the five months of 2023, he has added $29.5 billion to his personal coffers – although the gap with Elon Musk, the second richest man on the planet, has narrowed .