The 1200sqm complex will officially launch today (December 2) and represents just the 13th Louis Vuitton Maison to open worldwide.
Louis Vuitton Oceania chief executive Philip Corne told Ragtrader the brand’s existing flagship store on Castlereagh Street had been in operation for more than 25 years.
“However, the need to renovate and expand our flagship store in Sydney has been on the agenda for more than five years,” he revealed.
“The key considerations have been to identify a site that has the size, potential for growth and a location that will deliver a Louis Vuitton store that reflects the sophistication and importance of the Sydney market.”
The brand currently operates 12 stores across the Australian and New Zealand market including Melbourne (3), Queensland (3), Sydney (3), Perth (1) and two locations in Auckland and Queenstown.
“NSW and Victoria present the strongest markets, which is not dissimilar to otherluxury brands within Australia,” Corne said.
The Maison will offer two exclusive personalisation programs, including a made-to-order shoe service for men and a similar handbag offer for female clients.
Corne confirmed that as of October, there are 312 Louis Vuitton staff employed across Australia and New Zealand. Corne claimed 60 full-time staff will be dedicated to the new George Street Maison.
Earlier this year, Ragtrader reported on the release of an in-depth study of the Australian luxury market by consultancy firm MO Luxury.
According to the firm, which analysed financial statements lodged with the Australian Securities and Investments Commission, the sector is nearing a combined market value of over $1 billion.
