Louis Vuitton Sees Strong Growth in Greece Despite Global Slowdown

Luxury fashion house Louis Vuitton continues to thrive in Greece, even as its parent company, LVMH Moët Hennessy Louis Vuitton, faces economic and operational headwinds in global markets.

In 2024, Louis Vuitton Hellas reported a 20% increase in sales, reaching €77.81 million in turnover. This performance stands in stark contrast to the broader decline in the global fashion and leather goods sector. According to company leadership, the Greek subsidiary’s success is attributed to both robust domestic demand and a rise in tourist spending.

Strategic store expansions have also played a significant role. New retail points such as the boutique at Astir Marina in Vouliagmeni and seasonal outlets on the island of Mykonos contributed to the company’s strong results.

Pre-tax profits climbed to €23.29 million, allowing for a dividend payout of over €17.5 million to Louis Vuitton Malletier SAS. The company expects moderate demand growth in the coming year, supported by optimistic forecasts for the Greek tourism sector.

Domestic Success Amid International Struggles

While the Greek market flourished, LVMH has encountered challenges worldwide in 2025. The luxury group reported declining revenue and profits in the first half of the year, impacted by slower demand in key markets, geopolitical tensions, and broader economic uncertainty.

Sales in the Fashion and Leather Goods division, which includes Louis Vuitton and Dior, dropped by 9% in the second quarter—driven primarily by weaker consumer interest in China. Analysts point to signs of “buyer fatigue” toward major luxury brands and growing resistance to price hikes, with some customers shifting preference to labels like Hermès and Miu Miu.

Operational difficulties have also affected the group. Louis Vuitton’s Texas production facility, opened in 2019, has become one of LVMH’s most problematic sites globally. It continues to suffer from a lack of skilled workers, excessive material waste, and serious quality control issues, despite efforts to strengthen manufacturing operations in the United States.

In contrast to these setbacks, the strong Greek performance underscores the potential of targeted local strategies and the resilience of luxury demand in specific markets.

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