Luxury Fashion Brands Louis Vuitton, Chanel, and Dior Report Weak Profits in South Korea Amid Pandemic Aftermath

Quick Summary:

According to the Financial Supervisory Service on Friday, French luxury house Louis Vuitton’s 2023 operating profit fell 31.3% from a year earlier to 286.7 billion won ($208 million) while sales declined 2.4% on year to 1.65 trillion won.

Global luxury brands Louis Vuitton, Chanel and Dior saw worsening profitability of their South Korean operations last year after a few years of decent revenue and profit growth since the COVID-19 pandemic.

LVMH, the world’s No.1 luxury company that owns prominent brands such as Louis Vuitton, Dior and Celine, saw its sales fall 2% in the first quarter from the year-earlier period.“The sales growth rate of our main brands, Louis Vuitton and Dior, has stagnated around 2%,” said Jean-Jacques Guiony, LVMH’s chief financial officer.

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Article Details

Category: Economy

Markets: South Korea

Topics: Vuitton Billion Profit Louis Brands Chanel Last Sales Year Luxury Korean

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-04-19 @ 21:10:42 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 464 words

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Copyright Owner: © Korea Economic Daily

News ID: 20766896

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