Global luxury clocks glitzy year in India

Luxury brands LVMH, Hermès and Christian Dior clocked sharply higher India sales in 2023, as connoisseurs of apparel, bags and accessories flocked to local stores after the covid pandemic ruined foreign travel. Alongside, a clutch of luxury malls came up in top cities, designed to serve the wealthy and the well-travelled.

- Varuni Khosla

Louis Vuitton India Retail Pvt. Ltd, the Indian unit of LVMH instantly recognizable with its LV monogram and Damier check patterns, clocked over ₹719 crore sales in FY23, up 33% from the previous year’s ₹539.28 crore . Net profit rose 37% to ₹140 crore, up from ₹102.4 crore in FY22. In FY20 and FY19, its net profit had stood at ₹25.3 crore and 16.1 crore, respectively, filings with the Registrar of Companies, accessed through business information platform Tofler showed.

Rival Hermès, which runs its India business through a local partner under Hermes India Retail and Distributors, reported 42% higher sales at ₹249.4 crore in FY23, against ₹175.4 crore the previous year. It clocked a profit of ₹54.3 crore, up 31% from the previous year's ₹41.4 crore. In FY19, it had recorded revenue from operations of ₹109.6 crore and a net profit of ₹18.7 crore. Hermès keeps a very limited production line, controls distribution, and sells exclusive bags like the Birkin and Kelly, all at steep price tags.