The Louis Vuitton outlet in Brown Thomas on Grafton Street, Dublin
Luxury fashion brand Louis Vuitton’s Irish business recorded a 21pc increase in sales to nearly €36.5m, as other high-end labels recently reported slumps in other markets, especially China.
Louis Vuitton Ireland, owned by Paris-headquartered LVMH, also recorded a pre-tax profit of almost €11m last year, up from €9.6m.
The Irish arm paid a dividend worth over €8.4m in 2023, up from over €7m the previous year. Its directors proposed the payment of a €9.5m dividend to be paid in 2024.
Hugo Boss, Burberry, Richemont, and Swatch all recently highlighted slumping sales in China
Most of Louis Vuitton Ireland’s sales were made in stores, with only €4.95m spent online. During the 2023 financial year, it employed an average of 24 staff, up from 15 in 2022.
The substantial profit and sales growth from Louis Vuitton Ireland comes as several luxury brands have recorded declining sales in China.
Hugo Boss, Burberry, Richemont, and Swatch all recently highlighted slumping sales in China as consumers cut back on luxury spending.
British fashion house Burberry recently announced that sales in mainland China fell 21pc year-over-year in the most recent quarter. Last Monday, its shares fell 16pc as it suspended its full-year dividend.
