Is it just me who thought that we are in one of the worst economic depressions this country as ever seen? Well, I am moving to Paris. Despite the fact that everyone seems to be in debt, Louis Vuitton is selling bags like hotcakes.
Today, Bloomberg reported that LVMH’s Louis Vuitton will hire 700 leather workers by the end of this year. They added 320 craftsmen last year and this year will also open a new factory in France. So many bags were being sold that the company had to close 13 stores early during the Christmas shopping rush.
Earlier this month Bernard Arnault, the creator of LVMH, said sales in 2010 rose 19% to $28 billion, their operating profit jumped 29% to $5.9 billion and their net income rose to 73% to $4.1 billion, according to the New York Times. Woah. That’s a lot of dog carriers for Paris Hilton and sunglasses for P. Diddy.
There have been rumors over the last year that Louis Vuitton was going to increase their prices on their goods, but the company has not yet confirmed this. (I really hope it’s not true).
But if it is true, don’t you think with the price increase they could throw in a bottle of Mot? I mean the company is called LVMH (Louis Vuitton Mot Hennessy aka bags and champagne). Who doesn’t like being a little tipsy when buying $4,000 leather clutches?