Louis Vuitton Assignment Example | Topics and Well Written Essays - 1000 words

Louis Vuitton - Assignment Example 1). This love is not about to die anytime soon, as the corporation is still making sales and profits in the region. Louis Vuitton’s success in the Japanese market In the world, Japan is considered as being the most concentrated source of revenue, especially when it comes to luxury goods. In some cases, it has been mentioned as the market paradise for luxury brands. In Japan, the success of Louis Vuitton became possible as a result of the region’s consumer behaviour. As a result of the group-oriented culture, countless Japanese folks feel the need to possess luxury brands. This can be considered as a way for them to make a fashion statement (Feroul & Paul 2010, p. 6). Fashion consciousness among people in the region, especially women, seemed like a way of social expression that could not be matched by any city that was considered developed, for example; New York or Paris. The social and cultural consistency in Japan assisted the multinational corporation to explain the a ttachment people in Japan have to luxury brands. In Japan, looks are highly important especially among the middle class, which means that most of the people involved in the purchase of products always go for quality and sophistication (Feroul & Paul 2010, p. 8). ... Opportunities and challenges faced in Japan There are opportunities that arise with the market in Japan. One of the most crucial opportunities would be the mergers of different corporations/brands/people that are already well-known in different regions in Japan (Feroul & Paul 2010, p. 11). In doing so, the corporation may likely venture into different territory in terms of products, which enable it to make more money. One of the major challenges that the multinational corporation faces is its overdependence of the Japanese market. Relying too much on the Japanese market makes the corporation forget about other markets that are already familiar with their products, for example; America, and emerging markets such as India. Also, counterfeiting is a challenge for almost every luxury brand present in the world. For Louis Vuitton, the fashion label was synonymous with status. This means that only a few people get to be part of the luxury experience. Counterfeiting makes this impossible fo r the corporation (Feroul & Paul 2010, p. 12). Specifics of the Japanese fashion luxury market Japan represents the largest and most sought after market for luxury brands. Louis Vuitton, a brand synonymous with style and a lavish repertoire, claims to have its biggest share in the region as compared to any other region. The affordability of most of the brands is a factor in the Japanese market that plays a tremendous role in its growth. It is imperative that quality be one of the main concepts behind these brands, because consumers want something they can feel close to, and at the same time, feel like they are equal to some of the famous people they admire (Feroul & Paul 2010, p. 8). Luxury brand consumption in Japan seems like a compulsory action among most individuals. The jewellery and