Lvmh New Handbag in Asia & China

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NEW HANDBAG LAUNCH IN ASIA &CHINA Prepared By Christian Colagiacomo, Grace Rosete, Gizem Sayar, Ruchi Verma, Milena Van Der Veen NEW HANDBAG LAUNCH IN ASIA &CHINA Prepared By Christian Colagiacomo, Grace Rosete, Gizem Sayar, Ruchi Verma, Milena Van Der Veen We would like to present innovative recommendations that will improve the introduction of our new LVMH handbag to the Chinese/Asian market. In the presentation, we will address the present and future challenges LVMH faces. The consumers are deviating away from bold logos and prefer more simple elegant handbags. LVMH must adjust to this change in local taste. Imitations are a significant drawback to more sophisticated customers, so in order to combat this issue, LVMH can incorporate different materials, such as the type of leather and hardware used in producing the bag. In order to compete with more elite luxury brands, LVMH should position the new handbag to match other comparable brands. Furthermore, to attract customers to the brand, LVMH should release a limited number of this new handbag. Rarity of the product will lead to more consumer demand and this will revitalize interest for the brand, once again. To face this local market dilemma with slowing sales in China and Asia, Louis Vuitton has chosen to employ a local strategy for the Asian markets. In launching the handbag, it is crucial to understand the values, cultures, and lifestyles of Chinese luxury consumers. We will develop an appealing handbag design, based on local consumer tastes. Moreover, we will use culturally appropriate marketing tools, taking into firm account exact translations and advertising with prominent Asian celebrities. Through employing a local strategy that takes into consideration the economic, cultural, and political aspects of the Chinese/Asian market, we will enhance brand loyalty and attract globetrotters to buy

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