19 Oct '15, 1am

Louis Vuitton expands flagship Melbourne store as local luxury market booms - Sydney Morning Herald

Louis Vuitton expands flagship Melbourne store as local luxury market booms - Sydney Morning Herald

Louis Vuitton has been careful to preserve the exterior of the iconic Collins street address. Photo: Rodger Cummins Global fashion house Louis Vuitton will this week relaunch its flagship Melbourne store after a multi-million dollar renovation. While traditional departments stores struggle, the top end of the Australian retail market continues to boom thanks to an influx of tourism spending from China and Asia. According to a recent IBISWorld​ report, the luxury market in Australia has bucked the downward trend in retail. The industry is now worth $2 billion a year to the 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'...

Full article: http://www.smh.com.au/business/retail/louis-vuitton-expan...

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