Louis Vuitton: Success story of luxury market
With fashion awareness showing an ascending trend the market is lucrative and hence business opportunities for the company is positive. The growing disposable income within the Asian region augurs well for the company. Given this background this paper attempts to put forward a marketing objective for Louis Vuitton for the business period ahead. Such an objective will be arrived at post analysis of the immediate business environment of the company. Marketing strategies will also be outlined as suggestive steps forward.
Louis Vuitton, a Frenchman and box-maker cum packer started the brand 150 years back (Holborow 2012). He started the business designing travel trunks made of canvas. His craftsmanship and innovation attracted attention and Vuitton was entrusted with the responsibility of packing for the high and mighty. Throughout its history the company has been troubled by the problem of widespread counterfeiting of its designs.
To deal with this, the company designed a special monogram to differentiate its products from others available in the market. When the company celebrated its centenary in 1954, the Vuitton monogram was one of the most widely recognized logos in the world (Johnston 2012). The company got listed on the Paris stock exchange in 1984 and also owns other luxury brands like Givenchy, Veuve Clicquot and Loewe. Today the company has presence in fashion and leather goods, wines and spirits, perfumes and cosmetic and watches and jewellery.