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Essay / LV Essay - 913
The real success beyond LV lies in the segmentation of its unique products. According to Figure 16 “Louis Vuitton and the Diamond Model”, the importance of products is represented in a diamond figure. This approach to LV product categorization not only segments its unique products, but also serves as an example of how a globally renowned successful brand accomplishes its mission in the luxury market. According to Figure 17 above, the potential contribution of Asian consumers to the fashion sector The leather goods category gives a different age to the brand (LVMH 2012 a: 11). Importantly, Asia as a geographic region has the potential to support the brand's revenue growth. Furthermore, Japan is a unique country other than Asia because Japan alone achieves €3.107 million in turnover except Asia which achieves €7.895 million in turnover LVMH (2013d). From Figure 18 above, the company shares for bags and luggage categories the retail value follows an increasing trend over the years between 2008 and 2012. This shows that there is still demand potential for the products in this category, despite the price increase at the beginning. (Euromonitor International 2013e). From chart 19 above, it is important for Louis Vuitton to be in a growing trend approximately every year. On the other hand, its growing trend will contribute to awareness of its special position in relation to the luxury sector. (Interbrand 2013c). The percentages of revenue growth by business group are different for 2011 and 2012 compared to the first half of 2012 and the first half of 2013 for the LVMH group. Particularly for “fashion leather goods”, the years 2011 and 2012 were more profitable than those from 2012 to 2013. What is common among business categories is that the most re... .paper......dference in regions and countries, there are some differences. Global brands are also, to some extent, transforming their strategies in favor of regional taste (Sung and Tinkham 2005: 348). As mentioned earlier, when stores opened, window displays played a crucial role in showcasing LV's products. The first store for South Korea was opened at “Incheon Airport”. Its reputation was not only based on the location but also on the storefront (TR Business 2012), (Architonic 2013). “It is important to emphasize here that Seoul in South Korea is the second largest luxury goods market ahead of Shanghai and Hong Kong after Japan” (Cova and Kim in Hoffmann and Maniere 2013: 146). After reviewing the brands we have chosen, to analyze them, it is important to understand which ones rank among other luxury brands. According to (Interbrand 2013a), the best luxury brands are: