Louis Vuitton showed a significant increase in sales in Greece. In particular, the Greek subsidiary “LOUIS VUITTON GREECE S.A.E.” showed for 2023 a turnover of 64.84 million euros, increased by 19.30% compared to the previous year.

Profits before taxes amounted to 18,659,648.96, as highlighted available liquidity is particularly high.

According to the annual financial statements, the net results for the year (profits) amounted to 14.5 million euros, marking a drop of 4.6% compared to 15.2 million euros in 2022.

Significantly increased by 2,879,734.26 (or a percentage of 44.93%), it is disposal operating costsas well as administrative expenses which increased by 944 thousand (or by 45.71%). The increase in distribution operating expenses is attributed to increased personnel costs of €1.4 million, increased operating costs of €0.2 million due to the opening of the new store at the Zuma restaurant premises and the construction costs of the new store Zuma by 0.6 million euros. The increase in general and administrative expenses is attributed to the higher administrative expenses of €300 thousand charged by the parent company LVM in accordance with the company’s contractual obligations. These costs are calculated in proportion to the turnover of the company. Such costs relate to merchandising, logistics, marketing, financing and IT support.

However, the prospects seem favorable. According to the chairman of the board, Marc Alins, the picture of future international movements and inbound tourism is positive. “If the positive scenarios are confirmed, and combined with the existing effort to exploit the internal market, we expect there to be another increase in demand” it is typically referred to in the Management Report of the Board of Directors.

It is also emphasized that “throughout this environment of global uncertainty, the ongoing war tensions in Ukraine and the outbreak of the Israeli-Palestinian conflict which complicates security and increases the cost of transporting goods along international trade routes especially in the Red Sea region, Louis Vuitton is proving resilient so that it not only survives but remains profitable despite the circumstances.”

The group is in decline

3% drop in Q3 sales announced the luxury goods group LVMH (it has the brands Louis Vuitton, Moët Hennessy, as well as Dior, Givenchy, Fendi, Celine, Kenzo, Tiffany, Bulgari, Loewe, TAG Heuer, Marc Jacobs, etc.).

The French giant’s revenue came in below analysts’ average estimates, falling quarterly for the first time since the pandemic, as demand in China and Japan has weakened.

Group sales stood at 19.08 billion euros for the quarter ended September, down 3% on an organic basis, excluding currency differences, acquisitions and divestments.

Figures moved outside forecasts in all sectors, said Luca Solca, an analyst at Bernstein.

The French giant is the first among the luxury goods groups to announce its figures, and even at a time when the shares of the specific companies record sharp ups and downs, as the economic stimulus measures announced a few days ago by China raised hopes among investors for a stimulus of demand.

Chinese consumer confidence has sunk to historic lows in the COVID-19 era, LVMH Chief Financial Officer Jean-Jacques Guiony said on a conference call with analysts, though he added that the company still believes in the market’s future.