February 25, 2024

Athens News

News in English from Greece

Greeks save on olive oil and feta, but cannot refuse brands


The market for luxury brands Louis Vuitton, Chanel, Rolex, Hermes, Dior and Prada, selling unique products such as handbags for the price of a car, is thriving in the Greek market.

Bain & Co experts predict that the personal luxury goods market will grow 3-8% during 2023. The famous French house Louis Vuitton not only “matched” its 2019 revenue figures in Greece, but also exceeded the sales of its subsidiary in 2022 (normal, not “Covid”) by 16.37 million euros.

According to the information, Louis Vuitton will further strengthen its presence in the Greek market with stores in the renovated Asteras Marina in Vouliagmeni, where several more luxury brands will be represented.

In the very near future, the first Cova on Greek soil will open to the public there. The famous Milanese confectionery, 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 Tria Pigadia area. This summer, seasonal shops in the village of Nammos and the fashionable restaurant “Zuma” also opened on the Windy Island.preview

Meanwhile in June of this year The first Chanel store opened in Athens. New two-story boutique with an area of ​​255 sq.m. is in the same “neighborhood” as other high-end brands, completing the luxury puzzle of Vukarestio.

It is worth noting that the French house’s store was opened in collaboration with the Kasnakidis family, with whom it has had a relationship since 1994. Just a few days before, the opening of the seasonal Chanel boutique took place in the village of Nammos, on Psaros beach in Mykonos.

After expressing concerns about whether the company will be able to meet high demand for high-end watches this year, Rolex Greece has achieved record sales in 2022. Among the reasons for the company’s success in the Greek market, management cites the fact that Rolex watches are recording significant retention its high resale value even over time.

Hermès’s only boutique in Greece generated around €44,000 in revenue every business day in 2022, with domestic sales continuing to thrive this year.

The French brand of the Dumas family (Ντιμά, Dumas) has “close” relations with Greece. A native of Greece, Rena Grigoriadi met her husband Jean-Louis Dumas, later the head of the French house Hermès, at a party at a student residence in Paris, where she studied architecture, in the late 50s. The relationship of the house of Hermes and its heirs with Aegina is also known. The family that owns most of the house loves the island and is inspired by the ancient olive grove, owning a luxurious residence in Pahia Rahi (Παχειά Ράχη).

This year, sales of Parfyms Christian Dior Hellas will break the 20 million euro barrier on the Greek market. This is despite “high inflation pressures, which are significantly limiting consumer disposable incomes and jeopardizing economic prospects,” the company noted. Already sales in the first half of this year show significant growth, surpassing sales in the first half of 2019, and the company remains in 1st position in the selective cosmetics market.

In 2022, sales of Saint Laurent in Greece, a subsidiary of the French house Yves Saint Laurent, whose only store in our country is located in the village of Nammos in Psarou, Mykonos, more than doubled. The company, which completed its first 12-month fiscal year last year, said in its financial report that it had just one employee in 2022.

Prada Hellas with a single store in 2022 managed to almost triple turnover compared to the period before the pandemic. And compared to 2021, the increase in income reaches 93.6% (9.18 million euros). The Italian brand’s confidence in the Greek market was also confirmed by its strategic decision in 2021 to buy a store on Voukarestou Street, where the company had been renting since 2008. The investment will reach 19 million euros.

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