Brand Analysis Report: Louis Vuitton

Brand Analysis Report: Louis Vuitton Abi Jones, Chloe McCann, Tzortzina Papoutsidi, Wen-Hsin Feng

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Contents

Introduction Brand Background Branding Theory Brand Analysis Case Study: Account of Problem and Solution

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References

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Figure List

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Introduction Louis Vuitton, a luxury goods company, was founded in 1854. The brand sells a wide variety of products, from luggage and clothing to writing accessories, such as pens and notepads. It is important to understand that luxury brands have a strong focus on exclusivity and if that is taken away; the brand loses the majority of its value. Louis Vuitton, along with many other luxury brands, frequently face battles with counterfeit companies, which essentially reduces the brands exclusivity due to the fake products being produced in huge volumes. This essay will reveal the history and marketing strategies employed by Louis Vuitton, as well as exploring the recent counterfeit battles.

Company Background

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Louis Vuitton was founded over 150 years ago. The brand is most well known for its luggage and handbags, with the iconic LV monogram pattern. Several decades after the brand was created, luggage locks had been revolutionized by Georges Vuitton which ‘turned travel trunks into real treasure chests’. (Louis Vuitton, 2016) This made the brand unique and special because it successfully combines ‘technical innovation and quintessential style’. (Louis Vuitton, 2016) Louis Vuitton supports UNICEF and there is currently a campaign to raise awareness about the charity called #MakeAPromise. (Louis Vuitton, 2016) As well as this, the brand supports sustainable fashion. It places a strong focus on trying to limit their carbon footprint, reduce their waste and ‘preserve natural resources’. (Louis Vuitton, 2016) Louis Vuitton is part of the luxury products conglomerate, LVMH (Moët Hennessey Louis Vuitton), which includes other fashion brands such as Céline and Givenchy. (LVMH, 2016) The conglomerate has many shared values, which apply to all of their brands. LVMH strives for ‘product excellence’, which goes much further than the quality of the product; it involves aspects such as store design, layout and location. (Retail Industry, 2016) The brand will ‘never compromise on Figure 3 quality’ and it pays ‘meticulous attention to detail and to perfection’. (LVMH, 2016) Another value is the ability to ‘be creative and innovative’, which involves Figure 2 technical aspects as well as style aspects. (Retail Industry, 2016). More specifically to Louis Vuitton itself, are the services that it offers to customers, such as personalised monogram items. Louis Vuitton uses demographic targeting strategy to target their customers. Their ages range from 22 to 65 years old – adults that have the ability to spend on Louis 2

Vuitton’s range of products. Their target consumers will most likely belong to the middle- or highincome classes. Their target market is individuals that seek for quality and value, as well as social status. (Hunter, 2012) This segment of customers would want to be classified as belonging to the upper social class. To best describe the marketing strategies used by the brand it is important to understand the product, price, promotion and place. Louis Vuitton offers a product of distinguished quality and attention to detail. (Shin'ya Nagasawa, 2008) The concept of absolute quality is placed at heart of Louis Vuitton’s marketing strategy which prompts consumers to insist on Louis Vuitton or nothing. LV consistently pursued a luxury pricing strategy where there are high mark-ups and limited availability. The company does not believe in cutting cost or off shoring production to China or any other countries where the labour cost is cheaper. Louis Vuitton bags are only offered through limited distribution channels, its own stores, a series of high-end departmental stores throughout the world, which allow it to control product quality and pricing. Regardless of the economic situation, budget for marketing campaigns keeps increasing non-stop in order to maintain the prestige image of the brand. Unlike other luxury brands, Louis Vuitton deploys a marketing strategy, which controls its product to make it appear to be premium quality but attainable. Thus, it continues expanding its broad consumer base without losing its image. Louis Vuitton uses high quality print advertising in high fashion magazines including Vogue. In its advertising campaign, LV carefully cultivates a celebrity following.

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Branding Theory Defining the word ‘brand’ can be one of the most difficult terms in the business vocabulary this is due to the fact that there is no wrong or right answer. Over the decade’s numerous definitions have been made, one of them is by Kotler and Armstrong (2009), they define brand as ‘a name, term, sign, symbol, design or a combination of these, that identifies the product or services of one seller or group of sellers and differentiates them from those of competitors. It is an identifiable entity of a company’s Figure 4 total offerings that makes specific consistent promises of value, which results in an overall experience for the consumer or anyone who comes in contact with the brand’ (Waters, B. 2016). Authors Leslie De Chernatony & Malcolm MacDonald (2003), have also defined the term by arguing that ‘a successful brand is an identifiable product, service, person or place, augmented in such a way that the buyer or user perceives relevant, unique added values which match their needs most closely. Furthermore, its success results from being able to sustain these added values in the face of completion.’

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Our society thrives on fashion as a form of identity and expression and a source of progression.

Fashion, especially luxury fashion, has become a part of the lives of consumers whether they’re wealthy or not. Luxury brands have affected consumers both directly and indirectly by ‘controlling’ the way they think, act and live. The luxury fashion industry is a global multi-billion dollar business, leading brands such as Louis Vuitton, Hermes and Gucci are a part of this sector. They are also among most valuable and influential brands in the world (Okonkwo, 2007, p2). Kapferer and Bastien (2012, p.8) emphasises that ‘luxury is and always has been a major sociological issue in any society, because it has to do at one and the same time with social stratification, the notion of practical utility and waste and decisions relating to the distribution of wealth’.

Even though the luxury fashion industry has become a large size and income generation, slow growth has been faced in this sector due to its strategic business directions. This occurred because for a long period of time, luxury brands were managed by traditional business methods which made decisions based on either intuitions or sometimes on a trial basis. These traditional methods mainly focus on product development and publicity generation through conventional advertising methods.

Nevertheless, with the current fast growing developments and complexity of the global business environment modern and sophisticated business methods are required to manage luxury goods (Okonkwo, 2007, p2).

To develop and effectively manage a luxury brand is a thoroughly long process. It requires a consistent integrated strategy, innovative techniques, rigorous management control and constant auditing. The Internet has changed the way luxury products are accessed and has had a huge impact on the consumer’s phycology and perception of luxury. Additional changes in the luxury fashion industry is the rapid market expansion and competition as an outcome of easier entry into the industry. Within a short period of only five years, brands can now be launched and achieve global awareness and credibility. Also the sector has expanded by the increase of wealthy luxury consumers and the arrival of new luxury markets. This has contributed to a shift in the focus of the luxury market from ‘products’ to ‘consumers’ and the ‘competition’ (Okonkwo, 2007, p3-4).

Branding works to create emotional connection between the customers and the brand. It doesn’t benefit only on the consumer’s potential financial outlay but it can affect their emotional connection between customers and the brand. For a customer to be loyal to a brand certain criteria’s need to be satisfied. Brand’s products and services must have a connection to consumer’s life’s and needs, a customer should be able to identify closely with the brands ideology and style, and this association should generate positive or affirmative feelings and emotions. Having a sense of security, trust and reassurance between the brand and the customer is a fundamental aspect in the business sector, this is why companies invest so much money and time in consumer and market research (Posner, H. 2011, p134-135).

Brand Analysis Case Study: Account of Problem and Solution In China, despite in recent years a macro environment of approximately 7% - plus annual economic growth (Conerly, 2015), major luxury goods businesses have experienced a flattening or decline in revenues in recent past, LVMH being one of them (Brinded, 2015). Up to 2010, LVMH used to report 10% plus growth rates each year, but has now not been able to achieve double-digit growth rates for more than four years (Brinded, 2015). They specifically reached their low point with falling revenues in its Fashion & Leather Goods operation by 2% per annum, with a 7% in 2012 (LVMH 4

2012) falling to 5% in 2013 (LVMH, 2013), and scraping up only 3% in 2014 (LVMH, 2014). With China having entered the world’s top 5 luxury goods market since 2012 (Bain & Company, 2011) (Bain & Company, 2013), currently the third largest luxury goods market in the world (Bain & Company, 2014), and the Chinese accounting for nearly a third of luxury goods purchased globally (Bain & Company, 2014), it is evident that trends in the Chinese market plays an undeniable role in LVMH’s flattening revenue growth during 2013 and 14. This occurrence can be traced, partly to changes in legislation, but also due to the diminishing value of the brand and the change in demographics and their consumer behaviour.

Legislation In March 2013, following the General Secretary of the Communist Party, Xi Jinping coming to power, anti-corruption and frugality campaigns, alongside legislation changes, started cracking down on China’s culture of gifting as a means of doing business (Duggan, 2014). These changes in political climate showed an inevitable impact on the luxury goods market, leading to a slight slowing in purchases (Goetz-Charlier, 2013).

Demographics The demographics of luxury goods are changing as the middle class and white collars segment grows (Bain & Company, 2013). There is also an emergence of young professionals and the younger generation as a whole (Bain & Company, 2016). These changing demographics are redefining the concept of ‘luxury’, and shaping a new landscape in the Chinese luxury goods market (Bain & Company, 2012), resulting in consumers breaking-off from earlier, established brands such as Louis Vuitton and Gucci, and a booming of aspiring brands newly Figure 8 entering the market (Bain & Company, 2014). Growing wealth of the many people of China is also resulting in more middle class being able to afford low-end luxury goods, such as the low tier, cow products of Louis Vuitton, including their handbags printed all over with the LV logo (figure 1). This phenomenon has driven the most wealthy to seek for more premium brands and products with greater exclusivity, both in its price, distribution and public Figure 6

knowledge, leading to the entrance of more understated brands such as Hermès (figure 2,3 and 4), into the top 3 most desirable brands for consumers in tier 1 cities (Lee, 2012).

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Consumer Behaviour As customer demographics change, there is an accompanying maturity of the Chinese luxury goods consumers. They are becoming more informed about luxury goods. The consumer is leaving its introductory phase of aspirational-luxury, showcasing wealth and status with its emphasis on logos and visible signs of luxury spending, and shifting into an ever mature stage of absolute-luxury, in which more concern is payed to the novelty, high-quality, and understatement of the luxury goods (Bain & Company, 2012). This growing desire to avoid common-place, over-exposed logos and products has been a blow for established brands with well-known and copied emblems and designs such as Louis Vuitton (Chesters, 2015).

Brand Value As mentioned previously, the growth in the number of consumers who are able to afford Louis Vuitton goods and the too-well-established and exposed brand logo and design have both contributed to the brands perception of being ‘common-place’. The perception of being commonplace is detrimental to a luxury goods brand as it diminishes the brands’ sense of exclusivity and 6

notion of luxury (Chesters, 2015).

Further mismanagement of the marketing mix also contributed to the devaluing of the brand in the Chinese Luxury Goods Market: Price

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In 2013, Louis Vuitton pushed low tier product collections to even more accessible prices, enlarging their gap in prices between competing brands such as Hermès, Dior and Chanel to up to 10,000 RMB, making it a more accessible brand in comparison, and therefore, less exclusive (Bain & Company, 2013).

Place Rapid expansion into the Asian market prior to 2012, in hopes of cashing in on the rising Chinese wealth, has led to stores opened in remote locations outside of the tier 1 cities (Brinded, 2015) such as Mongolia (figure 5) (Wendlandt, 2013) and Guangxi (Lee, 2012).

Louis Vuitton’s huge extension in its global footprint contributes to the over exposure of the brand and an ease in the brands accessibility, which also leads to a diminishing sense of exclusivity.

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Product As a well-established luxury brand, Louis Vuitton has always had a well-known and distinguishing logo, print and colour, which has in recent history, become too excessively used on its products, working to its disadvantage in the recent Chinese luxury market, as consumer there are now in seek of something more subtle (Chester, 2015).

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Counterfeiting has also been a constant issue for established luxury brands in China such as Louis Vuitton (figure 7). It increases exposure of the brand through its high accessibility, leading to a loss in exclusivity, while also tarnishing the brand value and image at the same time, as negative associations are formed of the brand because all sorts of people are able to carry a bag with the LV logo.

Solution To reverse the damage done, and restore its premium brand image in the Chinese luxury market, Louis Vuitton has taken several steps throughout the past few years, while continuing other efforts to maintain its relevance: Price Louis Vuitton is increasingly offering more expensive product collections in order to regain its exclusivity in price (Roberst, 2015).

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Place A limitation and selectiveness in new store openings is taking place, with Louis Vuitton currently focusing most of its efforts on growing and improving current stores, in hopes of delivering greater value to customers through a more luxurious, indulging and personal shopping experience (Wandlandt, 2013). Invite-only spaces are also being built in existing stores to provide a greater sense of exclusiveness for the customer (figure 8) (Wendlandt, 2013).

Product As an effort to provide more value and uniqueness to its products, Louis Vuitton started offering made-to-order handbags in 2013 (Wendlandt, 2013), which is a highly premium service only the wealthiest can afford, contributing to the brands sense of exclusivity.

New and novel ways of interpreting and incorporating the original LV monogram brought on by the latest artistic director, Nicolas Ghesquière, appointed in 2013, has also successfully revitalised the brand, providing a refreshing and youthful appeal to the brand, and creating value through innovative fashion and design content (figure 9) (Yotka, 2016).

Apart from revitalising product designs and logo use, Louis Figure 14

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Vuitton’s ongoing efforts to combat counterfeits include an established legal department and an annual budget of €15 million reserved for counterfeiting matters, which Louis Vuitton takes very seriously, being considered as one of the most aggressive in the luxury goods market (Shams, 2015). Most recently having filed a legal suit at Beijing's Haidian District Court against TaoBao, Alibaba's (China's biggest online commerce company) e-commerce marketplace, for their sales of counterfeit goods on their platform from 2011 to 2014 (Conlon, 2016).

Results In consequence of Louis Vuitton’s many efforts in restoring brand exclusivity and sense of luxury, LVMH has done very well for themselves in 2015, with an organic growth of 4% in revenue in their Leather & Fashion Goods operation (LVMH, 2016), faring better than their peers amidst negative growth in the Chinese luxury goods market (Bain & Company, 2016).

In conclusion, the concept of absolute quality is placed at heart of Louis Vuitton’s marketing strategy which prompts consumers to insist on Louis Vuitton or nothing. The brands high mark-ups and limited availability of items allows the brand to stay exclusive and adds value to a retailer due its well established name and logo. However as previously discussed the consumer is leaving its introductory phase of showcasing wealth and status through the purchasing of luxury items that emphasis on logos and is shifting into an ever mature stage of absolute-luxury and understatement of the luxury goods. This growing desire to avoid common-place, over-exposed logos and products has affected the growth of brands with well-known and copied emblems such as Louis Vuitton. The luxury fashion industry has undoubtedly a large size and income generation however slow growth has been faced in this sector due to its strategic business directions. To develop and effectively manage a luxury brand is a thoroughly long process and as discussed LV is faced with the challenge of reinventing its brand image in order to generate interest and attract new customers instead of relying on already existing, loyal customers.

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[Online]. 9 June. [Accessed 3 April 2016]. Available form: http://www.financialpost.com/m/wp/blog.html?b=business.financialpost.com/news/retailmarketing/for-chinas-super-chic-louis-vuitton-no-longer-the-most-luxurious Louis Vuitton. 2016. A Legendary History. [Online]. [Accessed 26 February 2016] Available from: http://uk.louisvuitton.com/eng-gb/la-maison/a-legendary-history Louis Vuitton. 2016. Asnières. [Online]. [Accessed 26 February 2016] Available from: http://uk.louisvuitton.com/eng-gb/la-maison/asnieres#/home Louis Vuitton. 2016. Environment. [Online]. [Accessed 3 March 2016] Available from: http://uk.louisvuitton.com/eng-gb/la-maison/environment Louis Vuitton. 2016. LV for UNICEF. [Online]. [Accessed 27 February 2016] Available from: http://uk.louisvuitton.com/eng-gb/lv-for-unicef/lv-for-unicef#/home LVMH. 2016. Fashion Leather Goods. [Online]. [Accessed 25 April 2016]. Available from: https://www.lvmh.com/houses/#fashion-leather-goods LVMH. 2016. The LVMH Spirit. [Online]. [Accessed 10 April 2016]. Available from: https://www.lvmh.com/group/about-lvmh/the-lvmh-spirit/ LVMH. 2013. Excellent performance of LVMH in 2012. [Online]. [Accessed 25 April 2016]. Available from: https://www.lvmh.com/news-documents/press-releases/excellent-performance-for-lvmh-in2012/ LVMH. 2014. Excellent performance of LVMH in 2013. [Online]. [Accessed 25 April 2016]. Available from: https://www.lvmh.com/news-documents/press-releases/excellent-performance-of-lvmh-in2013/ LVMH. 2015. Excellent performance of LVMH in 2014. [Online]. [Accessed 25 April 2016]. Available from: https://www.lvmh.com/news-documents/press-releases/excellent-performance-of-lvmh-in2014/ LVMH. 2016. Excellent performance of LVMH in 2015. [Online]. [Accessed 25 April 2016]. Available from: https://www.lvmh.com/news-documents/press-releases/excellent-performance-of-lvmh-in2015/ Nagasawa, S. 2008. Marketing Principles of Louis Vuitton. [Online]. [Accessed 4 March 2016].

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Available from: http://retailindustry.about.com/od/retailbestpractices/ig/Company-MissionStatements/Louis-Vuitton-Mission-Statement.htm Roberts, A. 2015. Bloomberg. Louis Vuitton, Chanel Rise as Prada Falls in Luxury Brand Survey.

[Online]. 27 May. [Accessed 3 April 2016]. Available form: http://www.bloomberg.com/news/articles/2015-05-26/luxury-brands-value-shrinks-7-billion-aschina-curbs-largesse Shams, K. 2015. Forbes. As Louis Vuitton Knows All Too Well, Counterfeiting Is a Costly Bargain.

[Online]. 25 June. [Accessed 3 April 2016]. Available form: 12

http://www.forbes.com/sites/realspin/2015/06/25/as-louis-vuitton-knows-all-too-wellcounterfeiting-is-a-costly-bargain/#327afdb84662 Waters, B. 2016. ‘Week 14: Introduction to the Module’. DESN1658 Fashion Brand Analysis.

[Online]. [Accessed 2 March 2016]. Available from: https://vlebb.leeds.ac.uk/bbcswebdav/pid3853215-dt-content-rid-6943606_2/courses/201516_27496_DESN1658/DESN%201658%20%20wk%201%20-%20Intro%281%29.pdf Wendlandt, A. 2013. The Globe and Mail. Louis Vuitton Slows Expansion to Protect Image. [Online].

31 January. [Accessed 3 April 2016]. Available form: http://www.theglobeandmail.com/report-onbusiness/international-business/european-business/louis-vuitton-slows-expansion-to-protectimage/article8069266/ Yotka, S. 2016. A Brief History of Louis Vuitton’s Famous Monogram Pattern. [Online]. [Accessed 3 April 2016]. Available form: http://www.vogue.com/13413586/louis-vuitton-monogram-bagshistory/?mbid=social_tumblr

Figure List Figure 1: Louis Vuitton (designer) Wikipedia. 2016. Photograph of Louis Vuitton. [Online]. [Accessed 4 May 2016]. Available from: https://en.wikipedia.org/wiki/Louis_Vuitton_(designer) Figure 2: Lybio. 2016. Louis Vuitton for UNICEF. [Online]. [Accessed 4 May 2016]. Available from: http://lybio.net/louis-vuitton-unicef-make-a-promise/howto-style/ Figure 3: Harper’s Bazaar. 2014. Karl Lagerfeld 2. [Online]. [Accessed 1 May 2016]. Available from: http://www.harpersbazaar.com/fashion/photography/g5031/louis-vuitton-1014/?slide=2 Figure 4: Louis Vuitton Wikipedia. 2016. Louis Vuitton Store. [Online]. [Accessed 4 May 2016].

Available from: https://en.wikipedia.org/wiki/Louis_Vuitton Figure 5: Rebelle. 2016. Model with Louis Vuitton Bag. [Online]. [Accessed 4 May 2016]. Available from: https://www.rebelle.com/louis-vuitton Figure 6: Rawlings, J. 1960. Anna Magnani in Paris 1960. [Online]. [Accessed 29 April 2016].

Available from: http://www.vogue.com/13413586/louis-vuitton-monogram-bagshistory/?mbid=social_tumblr Figure 7: Pucci, G. 2016. LV-Stamped Leather Jackets. [Online]. [Accessed 29 April 2016]. Available from: http://www.vogue.com/13413586/louis-vuitton-monogram-bagshistory/?mbid=social_tumblr Figure 8: Anon. [no date]. LV Monogram. [Online]. [Accessed 29 April 2016]. Available from: http://blog1.de/evattvx/ Figure 9: Hermès. [no date]. Bolide. [Online]. [Accessed 29 April 2016]. Available from: http://uk.hermes.com/leather/bags-and-luggage/women/handbag-1/orange/configurableproduct-c-bolide-43028.html?size_leather=M&color_hermes=ORANGE%20POPPY&nuance=1 Figure 10: Hermès. [no date]. Hermès Monogram. [Online]. [Accessed 29 April 2016]. Available from: http://uk.hermes.com/leather/bags-and-luggage/women/handbag-1/orange/configurableproduct-c-bolide-43028.html?size_leather=M&color_hermes=ORANGE%20POPPY&nuance=1 Figure 11: Hermès. 2015. Hermès F/W 15 Campaign. [Online]. [Accessed 29 April 2016]. Available from: http://www.defuzemag.co.uk/hermes-fw15-campaign-defuze-magazine/ Figure 12: Baker, G. [no date]. Pedestrians Walk past Fake Louis Vuitton And Coach Brand Purses Being Sold On A Street in Beijing. [Online]. [Accessed 29 April 2016]. Available from: http://www.thestar.com/news/canada/2011/03/08/louis_vuitton_burberry_suing_canadian_comp anies.html 13

Figure 13: Sabrie, G. [no date]. Boom Times in Mongolia Credit: for The New York Times. [Online].

[Accessed 29 April 2016]. Available from: http://www.nytimes.com/slideshow/2012/07/15/world/asia/20120716_mongolia_ss.html Figure 14: Wallpaper. 2014. Louis Vuitton's Pop-Up Residence 'L'Appartement Hong Kong', Designed

By AndrĂŠ Fu. [Online]. [Accessed 29 April 2016]. Available from: http://www.wallpaper.com/design/inside-louis-vuittons-pop-up-residence-lappartement-hongkong-designed-by-andr-fu Figure 15: Louis Vuitton. 2015. CRUISE 2016 SHOW: THE LOOKS. [Online]. [Accessed 29 April 2016].

Available from: http://eu.louisvuitton.com/eng-e1/articles/looks-show-cruise-2016

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