Louis Vuitton Greece reported record sales in the country for 2023, with a 19.30% rise in turnover reaching €64.84 million compared to the previous year.
The global luxury brand, known for signature monogrammed handbags, luggage, and other items, reported gross profits of €18.6 million.
According to the company’s annual financial statements in its Greece branch, net profits amounted to €14.5 million, marking a 4.6% decrease compared to €15.2 million in 2022.
Operating expenses for Louis Vuitton Greece increased significantly by €2.8 million (or 44.93%), along with administrative expenses, which rose by €944,000 (or 45.71%).
The increase in general and administrative expenses is attributed to higher administrative charges of €300,000 billed by the parent company LVM by the company’s contractual obligations.
The increase in operating expenses is attributed to higher personnel costs, up by €1.4 million, the increased operating costs of the business by €200,000 due to the opening of the new store at the Zuma restaurant location, and the construction costs for the new Zuma store, which amounted to €600,000.
For the current fiscal year, the subsidiary’s management of the Group in Mediterranean countries expects even better performance, anticipating that Louis Vuitton Hellas will continue to be profitable, further increasing its cash reserves, thus providing the company with strong liquidity.
