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Louis Vuitton expands flagship Melbourne store as local luxury market booms According to a recent IBISWorld report, the luxury market in Australia has bucked the downward trend in retail.
The industry louis vuitton shoes ebay uk is now worth $2 billion a year to the louis vuitton shoes history Australian economy. It is forecast to grow at an annual rate of 8.6 per cent through to 2020. "While much of the global retailing scene has suffered due to instability in financial markets, Australian luxury retailers have been relatively insulated, as growing discretionary incomes have fuelled consumers' passion for fashion," states the report. "High profile Australian designers and labels have grown in prominence across the retail scene, and global luxury powerhouses have also joined the Australian industry, with several high profile brands expanding their retail networks across the country." Fuelled in part by growing demand from Chinese customers, Louis Vuitton has expanded its iconic Collins Street louis vuitton alma for sale store in Melbourne by an extra level, and will bring retailer's ready to wear range to Melbourne for the first time. The French fashion giant is also believed to be looking for premises in other Australian capital cities. The renovated boutique, in a historic building on the corner of Collins and Russell Streets, will re open on Tuesday. "It's an iconic Melbourne building," said Philip Corne, chief executive of Louis Vuitton Oceania. "We have we have expanded the store upstairs but we have also respected the heritage aspect of the building. We have been at the Paris end of Collins Street since 1986 now, and we know this is one of the most beautiful shopping boulevards in the world and much loved by the people of Melbourne." Chinese shoppers are responsible for about a quarter of all spending globally, and 7 per cent of it on luxury items, and they look offshore to markets such as Australia to avoid taxes and duties at home. According to Mr Corne, Australia is considered a significant louis vuitton purses pink growth market by Louis Vuitton. "Inbound Chinese customers are a big part of our business, but don't underestimate local buyers," he said. "We have all read that the retail conditions are tough, but we are growing at the luxury end of the market." The arrival of Louis Vuitton on Collins Street in 1986 forged the path for many global luxury brands, such as Hermes, Prada, Gucci and Tiffany to follow. The street has now become a shopping destination for wealthy Asian tourists. As a result, rents for smaller stores at the top end of Collins Street now fetch in excess of $1 million a year, while the prime corner location occupied by Louis Vuitton is believed to cost closer to $2 million a year. With the expanded space come new ranges to the Louis Vuitton store. Melbourne will now get Louis Vuitton's ready to wear ranges of men's and women's fashion.
"We wanted to bring the ready to wear range to Melbourne but never had the space," said Mr Corne. The mark the re opening, Louis Vuitton has created two limited edition items of luggage, featuring other Melbourne icons, a Melbourne tram and Flinders Street railway station, which have been hand painted on the side. Both pieces will go on sale this week.
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