Louis Vuitton's Brand Values. Essay

2559 words - 10 pages

1.1 Louis Vuitton: An Analysis of the CompanyLouis Vuitton, a trunk-maker in Paris since 1854, built up his legend aroundtravel by creating luggage, handbags and accessories that were as innovativeas they were elegant.The brand itself has embraced new innovation whilst cultivating its traditionalroots thus allowing it to remain at the forefront of the luggage and accessoryindustry.The Brand takes part in major events that share in its taste for excellence. theLouis Vuitton Classic event bring together the most prestigious cars in theworld, and the Louis Vuitton Cup, an essential part of the America's Cup,designates the best Challenger and prepares them to take on the Defender ofthe Americas Cup.According to their financial report found on their website,www.louisvuitton.com, the company is constantly expanding and now includes14 production workshops, 287 exclusive stores, 31 of which offer ready-to-wear, shoes and leather goods, and 107 which feature shoes and feathergoods, and has 7,857 employees throughout the world. In 1977, LouisVuitton was merely a small family business with sales under $20 million.Fifteen years later, the $1 billion mark was attained, a significant proportionof why it has reached this target is due to the astute marketing strategy that ithas implemented.2.1 Louis Vuitton CustomersThe fact that Louis Vuitton has grown is quite phenomenal considering thefact that they are expensive in relative and absolute terms. Moreover, theyare identified by Dubois and Claire (1995:68) as such when one considersthem to be "trivial" products, without any clear functional advantageover their "non-luxury" counterparts. As a result, many producers of luxurygoods tend to believe their clientele comes primarily from upper incomeclasses. Evidence of this was gained from Stanley (1988:8). Indeed, themanagerial practices of Louis Vuitton and many other luxury goodscompanies are based on this presupposition. For example, Louis Vuitton'smedia planning gives priority to "up-market" publications, Trogue in Americanand Harpers Bazaar in Australia, and their shops are situated in primelocations, Place Vendome in Paris, 5th Avenue in New York, the Ginza inTokyo. In light of this, it seems that income is the best indicator of measuringdemand for a product like that of Louis Vuitton's. It has however two verydistinct set of segments. One is geared towards wealthy males whilst theother is aimed at women. Louis Vuitton women target market has beenstratified even more so thus there are two segments in accordance withLeibenstein's (1950:183) empirical research which states that there is adistinction between the buyers of Louis Vuitton's products. They are known inhis study as the snobs and followers. He states that while "snobs" buyexclusive items as an attempt to differentiate themselves from others,"followers" purchase them to be identified with a reference group serving as arole model.The snobs according to Thorstein Veblen (1899) are consumers that...

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