Louis Vuitton Achieves Record 1.7 Trillion KRW Sales in Korea... Donation Amount '0' Won
15% Increase in Sales, 69% Increase in Net Profit
Global luxury brands that raised prices several times last year in South Korea have recorded record-breaking sales. In particular, the performance of Louis Vuitton, the top luxury brand in domestic sales, is overwhelming.
According to the Financial Supervisory Service's electronic disclosure system on the 7th, Louis Vuitton Korea posted sales of 1.6922 trillion KRW last year in South Korea. This is a 15.2% increase from 1.468 trillion KRW the previous year.
Operating profit increased by 38.3% to 417.7 billion KRW, and net profit rose by 68.9% to 380 billion KRW.
Dior, another brand of the Louis Vuitton Moet Hennessy Group, also saw its sales increase by 52% year-on-year to 930.5 billion KRW last year. Operating profit rose 53% to 323.8 billion KRW.
The consecutive strong performances of luxury brands are attributed to revenge spending following COVID-19 and successive price hikes.
Louis Vuitton raised prices five times in South Korea in 2021 and increased prices twice last year. Dividends increased by 44% from 156 billion KRW the previous year to 225.2 billion KRW. Donations have been zero for three years from 2020 to last year.
Dior also raised prices twice last year.
The Louis Vuitton Moet Hennessy Group has been focusing on the Korean market, with Chairman Bernard Arnault visiting Korea last month together with his daughter and Dior CEO Delphine Arnault, meeting consecutively with key figures in the distribution industry.
In Forbes' recently released World Billionaires Report, Bernard Arnault, chairman of Louis Vuitton Moet Hennessy from France, ranked first in the global wealth rankings. As of the 10th of last month, Arnault's fortune was recorded at 211 billion USD (approximately 278 trillion KRW).
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In 2012, during the presidency of Fran?ois Hollande of the Socialist Party, Arnault applied for Belgian nationality opposing wealth tax policies but withdrew the application amid criticism that he was trying to avoid the wealth tax.
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