Louis Vuitton just launched an e-commerce platform in China, the plan is to capitalize on a rebound in the world’s largest luxury-goods market, where online sales have been dominated trend Chinese local Internet giants.Customers who uses the e-commerce platform can use Alibaba’s Alipay and Tencent’s WeChat for online payments
The e-commerce platform will let customers buy Louis Vuitton leather goods, shoes, accessories, watches, jewellery, luggage and perfume, the LVMH-owned brand said in a statement Friday. The site will cover 12 cities, including Beijing and Shanghai, with others to be added later.
Do You Really Know Louis Vuitton?
Louis Vuitton Malletier, commonly referred to as Louis Vuitton, is a fashion house and luxury retail company founded in 1854 by Louis Vuitton. The label’s LV monogram appears on most of its products, ranging from luxury trunks and leather goods to ready-to-wear, shoes, watches, jewelry, accessories, sunglasses and books.
Louis Vuitton is one of the world’s leading international fashion houses; it sells its products through standalone boutiques, lease departments in high-end department stores, and through the e-commerce section of its website.For six consecutive years (2006–2012), Louis Vuitton was named the world’s most valuable luxury brand.
Its 2012 valuation was US$25.9 billion.The 2013 valuation of the brand was US$28.4 billion with revenue of US$9.4 billion.The company operates in 50 countries with more than 460 stores worldwide.
China is driving a rebound in luxury sales after a multi-year downturn prompted by a crackdown on corruption, with LVMH, Hermes International, Kering SA and others reporting strong gains this year. Louis Vuitton began selling online in France in 2005 and has expanded to 11 countries, after the Chinese site went live on Thursday.
This E-Commerce Trend in China
According South China Morning Post, E-commerce in China has been dominated by local operators such as Alibaba Group Holding Ltd and JD.com Inc. Louis Vuitton said customers will be able to use Alibaba’s Alipay and Tencent Holdings Ltd’s WeChat online payment mechanisms on its site. Alibaba is the publisher of the South China Morning Post.
While China has fueled the fashion industry’s growth and Chinese consumers have lined up outside Louis Vuitton stores around the world to buy the French brand’s suitcases and leather goods, online luxury sales in China have been slower to develop as brands seek to maintain exclusivity.
Now competition is heating up, with JD.com in June buying a US$397 million stake in London-based online fashion retailer Farfetch and Gucci launching its own Chinese e-commerce site this month.
LVMH has been revamping its broader digital strategy, in May introducing a new multi-brand retail site called 24Sevres.com as it faces off with the likes of Yoox-Net-a-Porter and Farfetch.