I appreciate your insight! I understand their strategy. Obviously, they have been doing really well in terms of conversion. But my question is, is their strategy now good for long-term?
The thing is, I might be expecting cohesion from LV. Because it feels like everything is just all over the place. Like, what is becoming of their identity? Does it still feel like luxury — other than the price point? Who is the LV customer now? Are they wannabes? Because it kinda seems like it.
Their strategy is good for the long term even if installing Pharrell as a creative director for menswear responds to a short term goal, expand the menswear business.
The identity of Louis Vuitton is not fashion. They have a legitimacy in bags and luggages (no matter how many Kendall and Bad Bunny campaigns Gucci might release, people generally goes for Louis Vuitton first).
The people who buys LV bags or luggage’s are either old money or new money, loud luxury or quiet luxury. They are so strong in their identity that they can appeal to the elite or the mass.
Now, Vuitton is turning into a lifestyle brand. Karl made the supermarket show a decade ago…Louis Vuitton is the very luxurious supermarket.
I think you would be surprised to see what the LV customer is. The LV customer is surely a luxury customer, someone who has an interest, even superficial, for fashion. The customer for this can be a Gen-Z hypebeast, a business man who wants to be hip or « cool », some tech person who got an introduction to the brand might find some interesting for their leisure time…
There are men who goes to Vuitton to buy suits too! Clearly is they were interested in sartorial or suits, there are more interesting options but sometimes they just loves the brand.
I always say that. I’m a Louis Vuitton womenswear customer. But I’m a Louis Vuitton customer because I was a Balenciaga by NG customer. So, I know that my relationship with Vuitton is not the same as the majority of people buying the womenswear.
In reality, the name Vuitton is so strong that in 6 Years, it can look totally different from what it is now. One thing is sure, the monogram will still be there and the now iconic bags will probably still sell.
About does it feel like luxury? Tbh, yes. Vuitton’s quality is good and rather consistent. Does it look like luxury? I don’t know because the notion of luxury is shifting today… And I’m not sure my opinion on the subject is relevant when talking about the industry at large.