Greek luxury goods market: Brand estimates for financial figures in 2023

The market of luxury brands is also flourishing on the Greek market by peddling unique products and immersive experiences. This seems to be following the global trend aided by the contribution of tourism. After all, Bain & Co predicts that the personal luxury market will grow between 3% and 8% during 2023.

Extension

At the same time, the famous French house Louis Vuitton, which not only “equalized” the performance of 2019 in Greece, but the sales of its domestic subsidiary in 2022 were higher than the last “normal” year by 16.37 million euros, and it also aims to expand.

According to information, it will further strengthen its presence in the Greek market with stores in the renovated Marina of Asteras in Vouliagmeni, where several more luxury brands will be hosted. After all, the first Cova on Greek soil will also open to the public there very soon. The famous Milanese pasticceria, founded in 1817, has been owned by LVMH since 2013.

In addition to the store on Voukourestiou Street in Kolonaki, Louis Vuitton also operates a seasonal store in Mykonos, in the area of Tria Pigadia. This year, seasonal shops at Nammos Village and Zuma restaurant also opened on Mykonos during the summer.

Vote of confidence

Meanwhile, in June of this year, the first Chanel store opened in Athens. The new two-story boutique of 255 sq.m. in the same “neighborhood” as other upper class brands completes the luxury puzzle of Voukourestyiou Street It should be noted that the store of the French house was opened in collaboration with the Kasnakidis family, with whom it had developed an exclusive relationship since 1994 in the Linea Piu store. Just a few days before, there came the opening of Chanel’s seasonal boutique in Nammos Village, on the beach of Psaros in Mykonos.

Excited Rolex

Expressing its concern if it can satisfy the high demand for this year, Rolex Greece achieved a sales record in 2022. However, profitability did not follow an equally positive course. Among the reasons for the company’s success in the Greek market, the management includes the fact that Rolex watches have recorded significant maintenance of their high resale value over time.

Hermes and Aegina

The one and only Hermes boutique in Greece brought in around 44,000 euros every working day of 2022, while sales in the domestic market continue to flourish this year as well.

The French brand of the Dumas family has a special relationship with Greece. The Greek-born Rena Grigoriadis-Dumas met her husband Jean-Louis Dumas, later head of the French house Hermes, at a party in the student residence in Paris, where she was studying Architecture, in the late 50s.

Also, the relations of the Hermes house and its heirs with Aegina are known. The family, which owns the largest share of the house, loves the island and is inspired by the ancient olive grove, owning a luxurious residence in Pachia Rachi.

Dior’s debut

The sales of Parfyms Christian Dior Hellas will break the 20 million euro barrier in the Greek market this year. And in fact despite “the high inflationary pressures, which significantly limit the disposable income of consumers and endanger the prospect of economic development” as pointed out by the company.

Already the sales of this year’s first half are showing a significant increase, surpassing the sales of the first half of 2019 and the company remains in the 1st position in the selective cosmetics market.

A single worker

The sales of Saint Laurent Greece, a subsidiary company of the French house Yves Saint Laurent, more than doubled in 2022, whose only store in Greece is located in Nammos Village in Psarou, Mykonos.

The company that last year closed its first 12-month fiscal year states in its financial report that in 2022 it employed only 1 employee.

Prada’s turnover

Prada Hellas with a single store in 2022 managed to almost triple its turnover compared to the period before the pandemic, while compared to 2021 the increase reaches 93.6%, reaching 9.18 million euros.

The confidence of the Italian brand in the Greek market was also confirmed by its strategic decision in 2021 to buy the store on Voukourestiou Street, where the company has been housed since 2008, with an investment of 19 million euros.