Louis Vuitton, a French designer and entrepreneur quickly made a name for himself in the fashion industry by becoming Napoleon’s wife “personal box-maker and packer.” At the age of sixteen, Vuitton and his family started the legendary workshop by creating travel trunks and the famous unpickable locks in 1859 (Louis Vuitton, 2015). As the legendary brand continues to remarkably exceed both sales and expectations, Louis Vuitton as a brand strives for pure distinction and exclusivity.
A private label company called “Louis Vuitton Moet Hennessy” or better known as LVMH owns the brand of Louis Vuitton. The Louis Vuitton brand combines both its vision and mission statement into one proclamation. The statements include: “The mission of the LVMH group is to represent the most refined qualities of Western “Art de Vivre” around the world. LVMH must continue to be synonymous with both elegance and creativity. Our products, and cultural values they embody, blend tradition and innovation, and kindle dream and fantasy (Louis Vuitton, 2015).” Louis Vuitton as a brand reflects on this statement to ensure their fundamental values unto their customers.
As mentioned before, Louis Vuitton started his brand by focusing on creating the best travel trunks. In the late-1800’s Louis Vuitton expanded their product line by offering very exquisite and fine leather goods (Louis Vuitton-History, 2015). Although Vuitton is still widely known for their special crafted suitcases and traveling bags, the timeless leather signature handbags have become one of their staple items for the company. Louis Vuitton offers a broad assortment of products such as ready-to-wear apparel for men and women, footwear, handbags/totes, small leather hand good...
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...e better stock market (Gustafson, 2015). The price markup caters the big spending consumer because it is believed that the company can make more profit off a big spending consumer that shop semiannually than 10 customers who shop for smaller items.
Proposed Strategic Profile
Based on the internal and external analysis, Louis Vuitton has the potential to remain one of the top luxury brands in the world. With the use of the 5 Rights of Merchandising, technological advances, and excellent customer service, the Louis Vuitton brand will stay recognizable and relevant to flourish in the future. The financial aspect of the company may improve if they discontinued the markup of items. Some of their competitors are selling items made of the same materials for a lower price, which are encouraging the younger consumers who are not loyal to the brand to try out other brands.
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