China’s largest LV flagship in Shanghai’s Plaza 66 is expected to make $22 million in August, suggests a local finance and investment firm Xueqiu.
According to WWD, a store representative confirmed the sales report and informed that, on an average, this particular Louis Vuitton outlet does a business of around $11 million to $13 million.
This record-breaking revenue, which otherwise saw a stunted growth for LV during the global lockdown, comes on the back of several significant factors. Louis Vuitton’s recently concluded Men’s Spring 2021 show in Shanghai was live-streamed to the world and it got over 100 million views across social media.
Roping in actor-singer Kris Wu, a popular face in the country, as its global ambassador also lent LV the buzz it needed to create amongst the buyers.
The customers with their pent-up desire for shopping ended up bagging the French Maison’s latest collection as soon as it dropped at the retail store this month.
Moreover, August 25 is an important date in the Chinese event calendar. It’s their official Valentine’s Day or the Qixi festival when people love spoiling their dear ones with luxury gifts. To this, the local press in China suggests that since the beginning of the month, LV’s Plaza 66 outlets saw long queues of customers.
Revenge buying still seems to be rampant in one of the biggest luxury markets in Asia. In April, when an Hermès store in Guangzhou reopened doors, the Chinese luxury clientele went gaga and helped the brand clock an impressive $2.7 million in just one day.
This also shows that with travel restrictions in force, people have adapted to buying and focusing on the domestic market instead of flocking overseas to acquire their luxury essentials.
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