Marketing Strategy of Louis Vuitton – Louis Vuitton Marketing Strategy: In 1854, the upscale clothing and accessories retailer Louis Vuitton is today the most prominent player in the sector that deals in clothes, ready-to-wear leather products such as watches, sunglasses, jewelry, and shoes. It has stores in over 60 countries worldwide and has around 500 outlets located in these countries.
Louis Vuitton At A Glance – Marketing Strategy of Louis Vuitton
CEO: Bernard Arnault
Founder: Louis Vuitton
Year founded: 1854, Paris, France
Headquarters: Paris, France
Annual Revenue: EURO€28.7 Billion
Profit | Net income: EURO€4.96 Billion
Number of employees: 23,736
Products & Services: Leather goods | Handbags | Trunks | Shoes | Watches | Jewelry | Accessories
Louis Vuitton Competitors
Louis Vuitton Fun Facts: All Louis Vuitton handbags are handmade. It takes about a week to create one handbag.
Marketing Strategy of Louis Vuitton
Louis Vuitton’s Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand it has in the market. So what is the Marketing Strategy of Louis Vuitton? Let us discuss this.
Segmentation, Targeting, Positioning – Louis Vuitton Marketing Strategy
Louis Vuitton is one of the most fashionable and trend-setting brands that employ a mix of demographic and psychographic segmentation strategies.
A differentiating target technique has been employed by LV to meet the evolving demands of customers.
It has always presented its product as a sign of excellence and has built credibility over time. LV utilizes values-based position strategies to draw the attention of potential buyers in its marketplace.
Louis Vuitton Mission Statement
“Using exceptional designer techniques to bring in elegance & distinctiveness to people through different offerings.”
Louis Vuitton Vision Statement
Louis Vuitton Tagline
“The gift workshop”.
Competitive Advantage – Marketing Strategy of Louis Vuitton
A Strong Company: LVMH (Moet Hennessy Louis Vuitton) A multinational luxurious goods company, is the main parent of Louis Vuitton. It has dedicated 125000+ employees spread across the world. LVMH is financially stable and has diversified 6 business units.
Expanding Globally: LVMH is aggressively expanding its operations both in developed as well in developing countries helping the company to increase its revenues and shift its focus from developed countries with high levels of saturated demand to developing nations.
BCG Matrix – Louis Vuitton Marketing Strategy
Within the BCG chart, the business of apparel accessories for leather and sunglasses is considered to be Stars. jewelry, watches, and shoes are a source of concern in the BCG matrix because of the fierce competition between a number of big and small players in these categories.
Distribution Strategy – Marketing Strategy of Louis Vuitton
LVMH sells its merchandise and accessories with its very own stores worldwide and through its own supermarkets/apparel chains that help stop counterfeit items while at the same time ensuring the quality of its products and the price.
Brand equity – Louis Vuitton Marketing Strategy
Popularly referred to as LV Louis Vuitton has had success in establishing itself as one of the top luxury brands. In the past 6 years, it has been ranked as the most desirable brand in the premium segment worldwide. Some of the most influential endorsers of LV include Michael Phelps, Angelina Jolie, and Bono and the recent one is Will Smith’s son Jaden. The LV brand has been valued at 27.4 billion (of June 2016) and was placed at 19 number. on the Forbes list of the world’s most valuable brands.
Competitive Analysis – Louis Vuitton Marketing Strategy
In a high-end or high-end category, the right reputation is vital to the long-term survival of the company. Louis Vuitton has been closely connected to a variety of famous people across different areas to make its brand superior to competitors. Hermes, Gucci, Chanel, Prada, and others are a few of the brands that are competing with LV in certain other categories of products.
Market Analysis – Marketing Strategy of Louis Vuitton
The changing lifestyle, the fluctuations in exchange rates, changing social change, changing climatic conditions, and the evolution of digital media, even in developing nations are the main factors impacting businesses in the luxury clothing business. These companies tend to focus on service, promotions through various media, and the creation of contact points.
Customer Analysis – Louis Vuitton Marketing Strategy
Louis Vuitton is the manufacturer and marketer of luxurious products that are able to draw customers with a range of 20 to 45 years. The customers of LV tend to prefer the high-end design, excellence, and art.
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