Today, LVMH announced a profit boost of 12%, from £2.6 to £2.9 billion. Although the conglomerate is usually associated with luxury brands such as Dior and Louis Vuitton, it was the company's selective retailing division that showed the largest increase in sales. Shops such as Sephora, and the department store Le Bon Marché, showed an increase of 14%, which was substantial compared to the 7% rise in fashion and leather goods sales.
It would be interesting to know if the sale of luxury goods such as Louis Vuitton bags didn't see as big an increase because everyone seems to be strutting around with an LV speedy bag. And perhaps the celebrities who are now donning Givenchy, such as Kanye West and other rappers, have harmed the brand so that traditional luxury consumers now go elsewhere for their designer goods.
Perhaps LV and Givenchy have been trying too hard to make a profit, eroding the exclusivity of the brands which has in fact harmed their sales.
Do you think luxury is still luxury? Should luxury goods be accessible to everyone?
Much love, Bemsy x
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