When we talk about luxury brands people with higher status in life often use, Louis Vuitton is a brand name that needs no introduction. But, have you ever wondered as to what makes this brand a “must-have” for these people and what makes it “very” expensive?
Well, allow us to give you bits of info about the luxury brand, LV.
Louis Vuitton’s beginnings can be traced all the way to 1837. France was in the midst of an economic expansion, and that growth was attracting hundreds of thousands of people to the city of Paris.
A 16-year-old Louis Vuitton was one of them. He traveled 292 miles (Anchay to Paris) by foot to the French capital to work as a trunk maker’s apprentice.
At the same time, steam-powered trains and ships were making travel more accessible, and the industry was booming.
Vuitton capitalized on this when he opened his first store (1854). In 1858, he debuted his new trunk design. It was rectangular, unlike its dome-shaped predecessors, making it easy to stack. The cotton canvas fabric was lightweight, durable and waterproof – ideal for travel. Many call this design the birth of the modern suitcase.
In 1896, his son Georges Vuitton created the iconic Louis Vuitton monogram – a floral pattern with an interlocking L and V – in honor of his late father, who passed away in 1892.
From French royalty in the 1800s to celebrities in modern times, owning Louis Vuitton has a long history of being seen as a status symbol. Now you can find the famous monogram on everything – handbags, clothing, shoes, jewelry, even a toilet. The brand is worth a whopping $47 billion.
According to CNBC TV, here are a few reasons why Louis Vuitton products are so expensive!
1. The high manufacturing cost.
For example, the luxury brand produces its handbags in France and shies away from outsourcing manufacturing to cheaper locations.
2. All its products are proudly handmade.
Its collections are handmade by experienced craftspeople in Europe and the United States using expensive materials. Despite advances in technology, the company says the most advanced machinery touching its products is the humble sewing machine.
3. Products are only limited editions
As they say, even the highest quality of goods can lose value if there are too many of them on the market. That’s why Louis Vuitton suspends the production of a product once it hits its sales target.
Often when brands produce too much of a product, they offload the extras by holding sales or selling them at discount shopping outlets. By controlling its supply, Louis Vuitton has managed to avoid both of those things. In fact, it claims to be the only brand in the world that never holds sales.
Although Louis Vuitton had its humble beginnings in France, it has developed marketing strategies to attract a large following in other countries.
Today, Louis Vuitton holds on to its title as the world’s most valuable luxury brand and is still in constant effort to keep that topmost position in the global scene.
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