LVMH’s Louis Vuitton Is Rising to the Top of the Gen Z Market

October 11, 2019

Louis Vuitton is rising to the top of Gen Z market in the U.S., according to Piper Jaffray’s “Taking Stock with Teens” fall survey, which polled 9,500 teens with an average household income of $65,400 about their favorite brands.

14% of teens named Louis Vuitton as their favorite handbag brand, putting it in second place behind Capri Holdings‘ Michael Kors, which had a 27% share. That was a significant improvement for Louis Vuitton, which ranked third with an 11% share in Piper’s spring survey, and a slight dip for Kors, which held 28%.

Last fall, Louis Vuitton ranked fourth with just 9% of the market. Let’s see how this upscale brand is gaining ground with Gen Z shoppers.

Renewing a 165-year-old brand

Louis Vuitton launched his namesake brand 165 years ago, a rugged luggage brand that gradually evolved into an upscale label. Six years ago LVMH CEO Bernard Arnault appointed his daughter, Delphine Arnault, as the executive VP of Louis Vuitton to lead the brand alongside CEO Michael Burke.

Arnault, who had worked at various positions within LVMH since her teens, was 38 when she took the job. Since then the brand has pivoted toward a younger market with teen-oriented campaigns in Teen Vogue, younger celebrity endorsers like Sophie Turner, and innovative new products like glow-in-the-dark bags and phone cases.

Louis Vuitton also diversified into the streetwear market by collaborating with skateboarding brand Supreme and hiring Off-White founder Virgil Abloh as its artistic director of menswear last March. Both moves attracted the attention of affluent teens, some of whom bought the Malle Courrier 90 — a Supreme x Louis Vuitton trunk that has a retail price of about $75,000.

Louis Vuitton also launched a teen-oriented “School Teens” campaign for younger shoppers, sponsored esports events, and boosted its social media presence with nearly 35 million followers on Instagram. That’s why it wasn’t surprising when a recent ForwardPMX study ranked Louis Vuitton as the most searched fashion brand among Gen Z shoppers in the U.S., with a 15% mindshare.

See the rest of the story here in The Motley Fool. 

 

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