Pre-tax profits at the Irish arm of the world’s most valuable luxury brand, Louis Vuitton, soared by 14% last year to €10.96 million, marking a record year for the company. New accounts reveal that a growing number of Irish consumers embraced the brand’s offerings, with revenues at Louis Vuitton Ireland Ltd climbing by 21%, from €30.2 million to a record €36.49 million.
The brand’s sole dedicated store in Ireland, located within Brown Thomas on Dublin’s Grafton Street, saw a sales surge of 33%, rising from €23.7 million to €31.54 million. However, online sales experienced a decrease of 24%, falling from €6.5 million to €4.95 million.
Louis Vuitton is renowned for its high-end handbags, with items such as the City Steamer MM bag, currently available online for Irish customers at €38,500 in three different colors, and the Petite Malle CM bag priced at €20,000. The business also offers a designer range of leather goods, accessories, watches, jewelry, fragrances, shoes, and clothing.
Due to the robust profits, the company has proposed to pay out a dividend of €9.5 million in 2024. This follows dividends of €8.4 million in 2023 and €7.04 million in 2022.
The directors stated that Louis Vuitton will continue to develop its client networks while maintaining strict cost control. They noted, “2023 was a year of continued economic volatility with challenges such as high rates of inflation and interest affecting the retail sector. Despite this, Louis Vuitton demonstrated great strength and achieved double-digit growth.”
Favored by celebrities and pop stars, including Taylor Swift, Justin Bieber, and Jennifer Lopez, Louis Vuitton remains a prominent luxury brand. It is part of the multi-billion stock market-listed French company LVMH Moet Hennessy.
Read More: Click Here
