The French luxury brand is benefiting thanks in part to a Chinese e-commerce push, and its stronger focus on online retail is emblematic of the changing face of luxury retail in China.
The popularity of luxury goods in mainland China does not appear to be waning despite a slowing economy, and French luxury brand Louis Vuitton is stocking more handbags and other products to keep up with sales – especially from its growing online business, «Reuters» reported.
The demand for Louis Vuitton products is at «unheard of» levels, CEO Michael Burke told analysts at a two-day closed-door briefing with the brand and LVMH, the news wire said.
New Strategies
Following a decade of aggressive expansion, luxury goods retailers have been scaling down their physical presence in mainland China, «South China Morning Post» reported in 2015.
At the same time, they have been ramping up their e-commerce operations. Louis Vuitton, which has its own e-commerce site for China, started in mid-2017, shortly after Gucci. Their rivals Prada and Hermes soon followed.
Luxury goods brands have also been partnering with internet marketplaces to expand their digital footprint and increase sales among younger customers, according to «Fortune.» This change in approach is a far cry from when personal shoppers and butler service were expected of them just a few years ago.
Lower Prices
- Page 1 of 2
- Next >>
