Bling is back and prices are right at high end
THE bling is back – at least for luxury brand Louis Vuitton, as sales here have rocketed by 35pc to €10.8m.
The group recorded new accounts for its Irish business which also showed that pre-tax profits last year almost doubled, rising from €1.7m to €3m.
Louis Vuitton has an iconic address among high-end Irish shoppers – and overseas visitors alike.
The French fashion house is comfortably nestled among designers like Hermès and Chanel at Brown Thomas’s flagship store on Grafton Street.
It’s synonymous with celebrity sightings and people watching: you’re just as likely to spot Rory McIlroy shopping for monogrammed pieces as you are a more under-theradar millionaire splashing the cash on a pricey bag.
Although the brand doesn’t divulge sales figures or reveal the popularity of individual items, it’s obvious that the Neverfull (€895) and Speedy (€745) are among its best sellers in Ireland.
And its extraordinary profits are down to a combination of an effective marketing strategy and the ‘smarter’ spending habits we’re adopting – buying less with more.
Unsurprisingly, the hallowed halls of BT’s are buzzing with activity this time of year, but the most interesting action has taken place over the last 11 months in which a number of different brands have launched, including cult activewear brand Lululemon, where prices start at €98 for leggings, and a new Chloé space in the accessories hall. Such was the demand for the latest pair of limited edition Yeezy 350 V2s that shoppers had to register in advance.
The Marvel Room launched with similar aplomb, with harder-to-find luxury items like the Dolce Gabbana Lucia Queen Shoulder Bag for €2,450 sprinkled among designer notebooks for €22. There are only limited sizes left in Gucci’s kangaroo fur shearling loafers, which cost €795.
Grafton Street itself is also home to new businesses in the last 12 months: Urban Decay, & Other Stories, the newly-reopened Bewleys and Victoria’s Secret, opening with an exclusive preview on Monday.
Socially, it’s been evident that brands have bigger budgets to work with than for some time. Events are frequent and full and high-profile celebrities like Victoria Beckham and Millie Mackintosh are identifying Ireland as a key growth market.
It’s not only the luxury labels reporting an increase in sales – and prices. Dunnes Stores’ vast collection of Irish designers has proved to be a successful business format for all parties. Paul Costelloe, Lennon Courtney and Joanne Hynes all call the store home, with the latter’s prices going up to as much as €2,200 for a shearling hooded coat.
And the trend for high-end goods is not limited to fashion. Oslo Beauty, partly owned by Amy Huberman and Rob Kearney, also offers a facial for €145, using 24-carat mineral gold.