Louis Vuitton India net profit jumps over 24 percent to Rs 16 in FY19

By

Maverick Martins

Published
Feb 20, 2020

Luxury goods retailer Louis Vuitton India Retail witnessed a 24 percent rise in its net profit to Rs 16 crore ($2.2 million) for the financial year ended March 31, 2019. The company had reported a net profit of Rs 13 crore for the fiscal year 2017-18.
 

The company’s revenue for the fiscal year 2019 jumped 41 percent to Rs 245 crore, as against Rs 203 crore it had reported in the previous fiscal year, the Economic Times reported citing documents from the registrar of companies (RoC).
 
India’s luxury goods segment is estimated to be worth $8 billion, according to market research firm Euromonitor, and is expected to grow 7 percent over the next three years.

To tap into the growth potential of the Indian market, Louis Vuitton had recently signed actor Deepika Padukone to star in its global campaign making her the first Bollywood celebrity to do so.
 
Back in November, LVMH took over Tiffany & Co -- the U.S. jeweller famed for its engagement rings and white diamond necklaces -- in a $16.2 billion deal. With Tiffany & Co. entering the Indian market earlier this year, LVMH’s growth in the Indian market is only expected to grow over the next few years.
 
LVMH, the world’s largest luxury group, is known for its iconic monogrammed bags, clothing, perfumes and leather goods. It currently has three stores in India in the metro cities of Delhi, Mumbai, and Bengaluru.