Louis Vuitton- A Brief History
Spanning over 50 countries and hundreds of location, Louis Vuitton has emerged as one of the most prestigious brands in the industry of fashion and retail. Founded in the 1854, the French company started with the manufacturing of locks and trunks. Today, LV (as it is commonly known) stands as one of the most coveted brands in the international market for luxury goods, apparel, footwear, accessories and books. The first LV store was opened in 1885, in Oxford Street, London. At present, the company takes pride in establishing its presence in all major continents, at some of the most premier locations on the globe (Allwalks.org, 2014).
Current Market Position
Other than being a chosen name for various eminent personalities, like international celebrities, the brand has also managed to secure a strong place in the ever-changing arena of retail (Louis Vuitton, 2010). The success of the company is well highlighted in its multifarious accomplishments, like bagging the award for the world’s most valuable luxury brand, and that too for six consecutive years. The company recently opened the Fondation Louis Vuitton in Paris, an establishment that would showcase the brand’s interest, commitment and excellence in the field of art in all its forms (Wright, 2014).
Apart from establishing a strong brand image, LV is also acclaimed for its financial success. From a home based business to a billion dollar Multinational Corporation is what defines the financial journey of LV (Boyd, 2006). The award for being the most valuable luxury brand owes its honour to the operational excellence of the company that led to a brand valuation of 28.4 billion USD in the year 2013.