![Louis Vuitton: Broke the bank in Greece – Turnover and profits more than doubled](https://www.ot.gr/wp-content/uploads/2023/06/lv4.png)
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 .
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
Latest News
![Gov’t Eyes Return of Power Subsidies Amid Spike in Rates](https://www.ot.gr/wp-content/uploads/2024/07/power-lines-2048x1365-1-600x400.jpg)
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
![ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock](https://www.ot.gr/wp-content/uploads/2024/07/ot_georg_PROIONTA_money-1-600x352.png)
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
![Balkans Blackout Highlights Climate Threats to Power Grids](https://www.ot.gr/wp-content/uploads/2024/07/blackout-1-600x457.png)
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
![Greece in Top 4 Destinations Favored by European Tourists](https://www.ot.gr/wp-content/uploads/2021/06/ploio-600x400.jpg)
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
![Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive](https://www.ot.gr/wp-content/uploads/2024/06/euros-2048x1365-1-600x400.jpg)
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
![First Seaplane Test Flights to Skopelos, Alonissos, Skyros](https://www.ot.gr/wp-content/uploads/2024/06/hellenic-seaplanes-pilotikes-ptiseis-ydatino-pedio-lavriou-600x450.jpeg)
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight
![ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y](https://www.ot.gr/wp-content/uploads/2023/08/unnamed-41.jpg)
ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y
The same price index had decreased 20.8% from May 2022 to May 2023
![Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated](https://www.ot.gr/wp-content/uploads/2024/06/ergasia-ergazomenos-600x300.jpg)
Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated
Specifically, the option "Subjective opinions are prioritized over objective data" ranked highest in importance for young employees, with a score of 3.89 out of 4
![OECD: Job Vacancies on the Rise in Greece](https://www.ot.gr/wp-content/uploads/2024/07/ergasiabusinness-768x556-1-1-600x434.jpeg)
OECD: Job Vacancies on the Rise in Greece
By the fourth quarter of 2023, job vacancies per unemployed person had risen by more than 4, with the index reaching 446 units compared to 100 units in late 2019
![OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece](https://www.ot.gr/wp-content/uploads/2024/05/ΟΤΕ-Group_1-600x450.jpg)
OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece
This initiative will provide ultra-fast internet speeds of up to 1Gbps to over 350,000 households and businesses in semi-urban and rural areas across the country