LV'S Decision To Provide Luxury Customization Services To China'S Rich At The Wrong Time Point?

Yves Carcelle, CEO of Louis Vuitton, said, "The customized concept is the most high-end luxury goods 。 This is the same as art. If you are in love with art, the highest level is to hire artists to customize it for you, rather than spend money to buy a finished work of art ".

Louis Vuitton has always been regarded as one of the favorite brands of Chinese consumers, but now it is facing challenges from luxury brands such as Hermes. Some top consumers also begin to think that Louis Vuitton is too popular and look down on it.

The company recently opened the largest flagship store in China in Shanghai, hoping to strengthen its high-end luxury image. In store sales products even include traditional Chinese mahjong boxes.

Bad timing?

With four floors and more than 100 employees, the Louis Vuitton flagship store in Shanghai Hang Lung Plaza is the only exclusive store in China that provides customized handbags and shoes.

Carcelle said, "To enter the customized market, we need high-end customers who have in-depth knowledge of products and at least a few handbags. Therefore, it is extremely important to show high-end customized leather goods and shoes in China. Before that, because we didn't have enough space to show all this to customers, we once lost the opportunity in the rapidly changing market".

However, the timing of Louis Vuitton's choice may not be ideal.

Due to the economic downturn, China's luxury market began to slow down. Last quarter, economic growth fell to the lowest level in three years. British Burberry brand recently said that its sales were affected by the slowdown of China's economy.

Carcelle would not comment on the current situation of China's economy and its impact on the luxury market, but said that the company would continue to open flagship stores in Beijing, Hangzhou and other places.