There are certain undeniable facts related to modern brands. Apple dominates smartphones, Rolex ranks ahead in wristwatches, and Louis Vuitton reigns supreme in the world of luxury items on whole. With creativity and quality so integral to the Louis Vuitton mission, it doesn’t appear they’ll be abdicating the throne any time soon.
A Firm Handle on Handbags
The largest part of the Louis Vuitton empire is by far their bags. These range from clutches, to crossbody, to entire luggage sets for both men and women, but the LV logo is an easily recognizable one on any bag. Beyond this main money maker, though, Louis Vuitton has also ventured into clothing, accessories, fragrance, and other leather goods.
Perhaps what keeps Louis Vuitton so relevant today is their commitment to maintaining the entrepreneurial spirit the company was founded upon. Whatever the reason, this brand has never been more dominant than it is now.
From Functionality to Fashion
In 1837, a 16-year-old Louis Vuitton set out to become a trunk maker. He mastered the art quickly and sharpened his skills for 17 years before opening his own shop in Paris. He had become so successful by 1859 that he had to open an additional workshop with 20 employees. 15 years later, his trunks were in such high demand that the same workshop employed 225 people.
Now, more than 180 years after Louis Vuitton first began trunks, his legacy remains an institution not just in baggage, but in virtually every other sector of luxury items. Made with the same careful craftsmanship and quality materials as in days of old, Louis Vuitton items meld the trends of the modern world with historic quality.
Louis Vuitton’s biggest competitors are not new on the luxury fashion scene. While plenty of brands have a strong claim in the industry, perhaps no two are more threatening to Louis Vuitton than Chanel and Gucci. Both brands were founded relatively early in the 19th century, and have been struggling to keep up with LV ever since.
With a value of $28.6 billion and a steady growth rate, Louis Vuitton isn’t exactly in danger, but Chanel trails with a value of $20 billion, and Gucci’s value of $12.9 billion is made more threatening when you consider their 30% growth in 2018.
Pushing The Boundaries of Fashion
Louis Vuitton rejects the idea of conventional marketing entirely, aiming to stay relevant in the most extreme boundaries of fashion. This is one of the reasons it’s so important to the brand that celebrities wear their items, and that hasn’t historically been difficult to accomplish. Everyone from Kanye West to Michelle Williams has sported the iconic brands, and demand is only growing.
Missing The Mark
Louis Vuitton entered the news, perhaps for the first time, when Georges Vuitton invited Harry Houdini to try and escape from a Louis Vuitton trunk after they invented a new locking system.
Since then, not all of the brand’s press has been as lighthearted. Recently, Louis Vuitton faced scrutiny for releasing a series of Michael Jackson inspired pieces, just as a documentary entitled “Leaving Neverland” that resurfaced allegations of the singer’s abuse was gaining buzz. The brand backtracked, and removed those items.
King of Luxury
On the Forbes list of Most Valuable Brands for 2019, Louis Vuitton sits at number 12. That’s miles ahead of any other luxury brand, and with profit margins around 30% it’s clear that LV is making a killing off of its many offerings.
If the history of luxury is any indication of the future, king Louis Vuitton is likely to reign for decades to come.