LOUIS VUITTON opens its first London Maison
It appears that legendary French luxury brand Louis Vuitton has recovered pretty well from the crisis and is continuing its expansion path. The chairman and CEO of Louis Vuitton, Mr. Yves Carcelle attended yesterday the opening of their first London Maison, a conceptualized retail flagship, at the junction of New Bond and Clifford Streets. The absolutely extravagant store which is spread over 1500 m2 on three floors is said to have cost around £50 million and boasts original art works by renowned artists such as Damien Hirst, Jeff Koons, Takashi Mukarami, Michael Landy and others. Aside from the display of the LV lines of clothes, accessories and jewellery, the Louis Vuitton Maison also includes a luxury bookshop and an incredible ‘bag bar’ fully equipped and with bags that constantly rotate in the background. In preparation for the grand opening, Mr. Carcelle also unveiled the Louis Vuitton Young arts project, which aims at educating local youths about the art world.
In order to celebrate this event, which is the most important one since the opening of the first Louis Vuitton store in London 125 years ago, Mr. Carcelle and the owner of LVMH Group, Mr. Bernard Arnault have hosted a luxury gala dinner. In an interview given to WWD, Mr. Carcelle said that he is quite pleased with the degree of global coverage Louis Vuitton has at the present time. According to him, they will still further their expansion and focus on optimizing the existing businesses at the same time. For another publication, the CEO of Louis Vuitton stated: ‘Last year, we enjoyed double-digit growth worldwide. Some parts of the world never experienced recession, so there were countries in Asia that never suffered. Our experience shows that each time there is a crisis we gain market share. Perhaps people are more cautious in what they buy, so they buy two items instead of three but those items they buy they choose with more care and attention.’