In a very interesting interview recently released to the SCMP, Michael Burke, the CEO of Louis Vuitton (and maker of the successful relaunch and turnaround of Fendi), pointed out some interesting Key Success Factors for Louis Vuitton in China.
1. Deep and effective work of streamlining of retail network, fixed cost optimization and margin optimization during slowdown of 2016
2. Revamp of the key flagship stores with a renovation and refresh of the atmosphere
3. An exhibition to communicate the values and heritage of the Brand to the locals in China
4 The attention for the existing customers as well as the potential ones in terms of in-store customer experience
5. Sharing of the heritage as well as embracing the future with new products and innovative collaborations with younger, cool brands
6. Entrepreneurial attitude: accepting failures and risk-taking
7. No fear of counterfeiting having strong foundation, unique Brand personality and a cool image
The success and the growth of LV is not stunning, it’s not fireworks but it is steady and strong. Discreet and at the right pace to keep growing in the long term.
The Brand doesn’t depend on a genius. It’s not a one-man show. It’s Louis Vuitton. Uber alles.