Research on the Development of China's Luxury Goods Industry-based on LVMH
DOI:
https://doi.org/10.54097/a6ffwa77Keywords:
LVMH luxury Group, China's luxury goods industry, China's own luxury brandsAbstract
LVMH, the leading conglomerate in the luxury goods industry, possesses a diverse portfolio of renowned brands. With projections indicating China's emergence as the largest luxury goods market by 2025, LVMH's notable growth in recent years can be attributed to the steadfastness of the Chinese market. This study aims to examine the successful case of LVMH in China, specifically focusing on the analysis of LVMH's product strategy and large-scale shop opening strategy in the Chinese market. Additionally, it will analyze the financial status of LVMH since 2021 and assess the future development prospects of LVMH in China and the global market. This analysis will be based on an understanding of the efforts made by LVMH in the Chinese market and its longer-term goals. Through a comprehensive examination of this notable case, recommendations can be formulated for local luxury brands operating in mainland China. Given the rapid growth of China's luxury market and the robust purchasing power of Chinese consumers, it is imperative to analyze how these publicly traded companies can effectively cultivate consumer preference within the favorable policy and market landscape in China.
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