Louis Vuitton to open store in Sochi in 2013, may launch Russian online store
MOSCOW. April 12 (Interfax) - Luxury goods producer Louis Vuitton is expanding its stores in Moscow and will open a new boutique in Sochi in 2013. The company is also considering the launch of online sales in Russia through its website.
Louis Vuitton on Friday announced the opening of a new and expanded store in Moscow's GUM shopping mall. "Over the past decade Russian customs have really changed and they require a new service. When we began the project three years ago the objective was to expand the store to offer customers more services," Louis Vuitton Northern Europe President Roberto Eggs said at a press conference on the opening of the remodelled store.
The company has signed a memorandum of intent to expand the boutique on Stoleshnikov Pereulok, which is to take place in 2014, he said. "We are focusing on expansion in Moscow because the market's potential has not been exhausted."
Louis Vuitton will open a new store in Russia in June-July 2013, which will be located in Sochi.
Commenting on future development plans for the Russian market, Eggs said the company is mainly concerned with expanding existing stores and the range offered and is looking into expanding its boutique in St. Petersburg.
Louis Vuitton launched a Russian language website in early 2013 and is now considering online sales in Russia. The decision will depend on the quality of logistics and LV is currently searching for a partner, Eggs said.
Russia is one of the highest potential markets in Europe and LV sales dynamics are "very strong" in Russia, including through the company's investment projects in the country. Russian customers, both inside the country and abroad, make up the company's fifth largest market in terms of revenue. Stores in Paris, London, Barcelona, Madrid, Milan and Dubai are popular with Russians outside Russia.
Louis Vuitton produces luxury handbags and suitcases, leather goods, clothes, shoes, watches, jewelry and accessories. Louis Vuitton opened its first store in Russia in 2003 on Stoleshnikov Pereulok. A year later it opened a store in GUM, then one in St. Petersburg in 2007 and one in Yekaterinburg in 2009.
Louis Vuitton is part of the LVMH Moet Hennessy Louis Vuitton SA., concern, which is the world's largest luxury goods producer. Revenue was 28.1 billion euros in 2012, 19% more than 2011. Profit climbed 13% to 5.92 billion euros.
