INTRODUCTION: Louis Vuitton is a French fashion house founded in 1854 by Louis Vuitton. The label's LV monogram appears on most of its products, ranging from luxury trunks and leather goods to ready-to-wear, shoes, watches, jewelry, accessories, sunglasses, and books. Louis Vuitton is one of the world's leading international fashion houses; it sells its products through standalone boutiques, lease departments in high-end department stores.
MISSION STATEMENT: The mission of the LVMH group is to represent the most refined qualities of Western 'Art de Vivre' around the world.
VISION: Be creative and innovative, aim for product excellence, bolster the image of our brands with passionate determination, act as entrepreneurs, and strive to be the best in all we do.
GOAL: To produce much exclusive fashionable goods with good prestigious image that fits into the high class society, products should compulsorily have excellent quality and long life.
HISTORICAL BACKGROUND: Founded by Vuitton in 1854 and first store in Paris is opened, 1885 – first LV store is opened in London, Oxford street ,1892- Vuitton dies; the company starts selling handbags.
TURNING POINT: During 1893 Georges (Louis’s son) begins his campaign to make the company into a worldwide corporation, Georges Vuitton passes away at 1936. Estimates attribute Georges Vuitton with over new 700 new Vuitton designs.
BUSINESS STRATEGY: LV uses demographic targeting strategy to target their customers, both men and women. Since LV focuses only on high class people it uses premium pricing and luxury images for attracting them. It also uses “NEVER ON SALE” strategy to target their customers and its ad can be found only in high end fashion magazines like Vogue & Elle. It also uses Auction houses specializing in art and antiques to sell its goods. The original product line is Monogram and it expanded its product line to monogram denim, monogram...