Louis Vuitton is the world’s leading luxury brand and has been at the top of the most valuable luxury brands list for almost a decade. The brand is estimated to be valued at $33.6M USD. The company had its inception as a trunk maker in 1854, and quickly developed its stronghold in leather goods with a focus on innovation and elegance. Today, the company directly operates 462 stores globally, with a broad merchandise assortment including ready-to-wear, shoes, watches, fine jewelry, fragrances and accessories. Louis Vuitton is known for quality, craftsmanship, innovation and inspiration. Its brand DNA evokes art and travel, tradition and modernity, journey and discovery. The company’s digital store is its largest store in North America, supporting the exponential growth offered by digital and mobile.
Louis Vuitton is the most globally recognized iconic luxury brand. As it continues its tradition of innovation, the company wants to ensure that it keeps delighting and engaging its visitors and clients when they walk into any of its retail locations: how can the brand embrace consumer facing technology within its stores, while remaining true to who they are and stand for?
A Journey Into Millennial’s Hearts
The six-person team from Columbia developed a set of recommendations that allows Louis Vuitton to win over the millennials by engaging with existing and potential younger demographics through technology and customer experience. The team conducted over 40 mystery shopping and digital audits across New York City to identify best practices of services and experiences at other luxury and non-luxury retailers. Through their research, the team identified key themes for in-store and digital experiences that appeal to Millennials. The resulting recommendation includes three recommendations centered on the themes of in-store experience, localized social media strategy, and digital gifting. For in-store experience, the team and the executives together selected a strategy that would appeal to current and existing customers and draw traffic to store. For social media strategy, the team formulated an approach that increases local social media engagement while maintaining brand heritage. Finally, the team identified an emerging technology to improve gifting at Louis Vuitton. Through these recommendations, Louis Vuitton can increase engagement with this key demographic while remaining true to brand heritage.
Alexandra Heuer -MBA, Columbia Business School
Annabel Morgan -MBA, Columbia Business School
Claudia Verdes -MBA, Columbia Business School
Leeds Pierce -MBA, Columbia Business School
Suzan Riazi -MBA, Columbia Business School
Wilson Yeung - MBA, Columbia Business School