Why is Louis Vuitton So Expensive?
The world of fashion is a place with cutthroat competition.
It is a live example of Darwin’s ‘survival of the fittest theory. Rarely has a company been able to retain its place in the market for a long time.
Louis Vuitton is one of those brands that has managed to achieve this rare feat.
With a value of $14.8 billion, the firm does have a lot to boast about. So, why aren’t its products spotted around us frequently, you ask?
The answer to that question can be found on the price tags of these products.
But what made Louis Vuitton able to charge such enormous amounts and still become the envy of most corporations in the fashion industry?
The reasons can be summed up as the following.
Why is Louis Vuitton So Expensive?
Brand Value
The fashion house has a rich heritage. The fashion giant was founded in 1854 in France by Louis Vuitton.
For six consecutive years (2006-12) it was titled the world’s most valuable luxury brand.
The company has established a distinguished presence in the space of clothing, leather goods, shoes, watches, and most noticeably, bags.
For more than a century, Louis Vuitton has been a premium name in the industry.
Through decades, it has maintained its fantastic reputation and built a stellar image. The firm has hundreds of stores worldwide.
Collaborations
The company has often come to associate itself with the top names in the industry.
Popular collaborations with LV include product lines with Supreme, Takashi Murakami, Richard Prince, Yayoi Kusama, Stephen Sprouse, and Jeff Koons.
These ventures resulted in some of the most beautiful products in the market. Naturally, these cost a lot.
Innovation
The global fashion icon has been a pioneer in innovation and taking risks.
Each season the brand launches newer, never seen before items that quickly fly off the shelves.
Every product has its own unique features. A good example would be the Royal Wedding Petite Malle bag launched in 2018.
Trying out new innovative ideas requires hefty investments in research and development and there is always a huge risk of the new design not working well which can cause massive losses.
Production Costs
Since Louis Vuitton manufactures most of its products mainly in France and the United States of America.
Thus, the initial production costs themselves are quite hefty.
Some of their bags are handcrafted by talented craftsmen and others are made with minimal machine intervention.
Workers are required to train for at least a year before they can be employed as manufacturers.
The shoes are made with great care in the streets of Italy by the hands of skilled shoemakers. This means high production costs that add to the final cost of the products.
Quality
Louis Vuitton bags are known for their premium quality.
Their products are extremely durable.
The canvas used in these bags was initially intended for making travel luggage. This is why it tends to withstand a good amount of damage.
Their shoes are made with the finest leather.
And we all know quality comes at a price.
Exclusivity
The brand regularly launches limited series of products.
LV ensures limited production of each item to ensure a controlled amount of availability.
These exclusive lines tend to fly off of shelves with the huge amount of demand that they enjoy.
Most products are iconic and have their own identity.
The high price range also ensures limited sightings of the products. And unique things always cost more.
Production Standards
Products undergo multiple tests and checks before they make it to the consumer’s hands.
Some say that quality control is one of the best in the business.
They are tested under different temperatures, zippers are tested up to 5000 times.
The products are exposed to UV rays and are subjected to wear and tear tests.
Any product that fails to clear these tests is sent for correction.
Personalization
Louis Vuitton provides the option for customization.
So, you can mark your bag with your own initials, making it personalized.
The company has stores that make shoes to order for men.
They also offer customers a wide range of materials for the making of their ideal pair of shoes.
For obvious reasons, the prices are quite steep.
Marketing
The biggest names in the industry are lined up for brand promotion.
Brad Pitt, Jennifer Lopez, Angelina Jolie, Kim Kardashian, Madonna, David Bowie are just a few of the hotshot names that have been featured in LV ad campaigns. This adds an overhead to the price tags.
Material
Only the best material is used for the production of Louis Vuitton products.
The finest quality canvas and leather are sourced to act as raw material.
This is also why the items tend to have a very long life. An LV Neverfull bag maintains its shape and looks for years at a time.
Status
The Louis Vuitton monogram is a long known symbol of wealth and success.
It is a globally renowned brand that is probably not going out of style any time soon. A good Louis Vuitton product is never a bad investment.
LV products are priced high because they project your status. People who own LV are considered rich and successful by others.
That is another reason why LV cant sell its product for cheap.
How to Afford a Louis Vuitton Product?
It is not very easy to be able to spare the money to buy an LV product. So how do we get a taste of the fashion bigwig?
Unfortunately, LV does not indulge in sales and discounts very often.
Hence, the only reasonable solution would be to buy a second-hand product.
Since these products do last long, you can buy a used item and still manage to get a lot of use out of it. But you do need to keep an eye out for the multitude of counterfeit products that lurk in the market.
