Louis Vuitton Ireland, owned by Paris-headquartered LVMH, also recorded a pre-tax profit of almost €11m last year, up from €9.6m. Hugo Boss, Burberry, Richemont, and Swatch all recently highlighted slumping sales in ChinaMost of Louis Vuitton Ireland’s sales were made in stores, with only €4.95m spent online. 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.

Source: Irish Independent July 21, 2024 13:22 UTC