Louis Vuitton India sales and profits surge
Louis Vuitton India has reported a 24.5-per-cent increase in profit year on year, representing a doubling of income since 2017.
Sales have grown by 41 per cent since 2017 with the luxury retailer now operating three stores in the country, at Delhi, Mumbai and Bengaluru.
The growth reflects a strengthening Indian luxury-goods market estimated to be worth about US$8 billion now and growing at a rate as high as 18 per cent through to 2023.
Louis Vuitton India’s net profit for the 2019 financial year was ₹16.17 crore (US$2.25 million), over ₹12.98 crore ($1.8 million) for the previous year, according to local regulatory filings.
Globally, the company, LVMH recorded a revenue of €53.7 billion last year, up 15 per cent year on year.
Meanwhile, LVMH India’s country manager Sunaina Kwatra has announced her intention to resign from the firm’s board.