Louis Vuitton steps up jewellery push with Paris store
PARIS, July 2 (Reuters) - LVMH opened a Louis Vuitton jewellery store on Paris's Place Vendome on Monday,hoping to tap in to a fast-growing market for expensive baublesand expand the brand's image beyond leather goods and fashion.
The move towards jewellery allows the French brand - bestknown for handbags and frocks by chief designer Marc Jacobs - tocapture a market that some consultants believe is set to growfaster than other luxury segments.
"The store and the workshop are an important step, afoundational decision, indicating that we look ahead withoptimism," said Hamdi Chatti, director of jewellery and watchesfor Louis Vuitton.
The global jewellery market is worth about 40 billion euros($50.76 billion), strategy consultants Roland Berger suggest. Arecent study by Bain indicates that the market could grow by 10percent a year until 2014, faster than either apparel or perfumeand cosmetics.
The new Paris store will sell both mid-range items, from aslittle as 650 euros ($820), to diamond and sapphire-encrustednecklaces and rings that can sell for millions.
Like Richemont's Van Cleef & Arpels, Louis Vuittonwill design high-end jewellery on the premises, both in a seriesof collections and as made-to-measure pieces.
"I don't think that their ambition is to compete withCartier, per se," said Thomas Mesmin, an analyst at CACheuvreux. "It is more to maintain the image of a global luxurybrand that is active in all product categories."
A Louis Vuitton spokeswoman said: "We are consideringopening new stores for jewellery and watchmaking in majorinternational capitals.
LVMH, the world's biggest luxury goods group, most recentlymade a splash in jewellery when it bought Italy's Bulgari for3.7 billion euros, giving LVMH a valuable brand and increasingits in-house watch and jewellery expertise.($1 = 0.7880 euros)
United States,
louis vuitton,
louis vuitton bags,
louis vuitton handbags,
louis vuitton handbag,
louis vuitton purses,
louis vuitton outlet,
louis vuitton wallet,
louis vuitton wallets,
louis vuitton belt,
louis vuitton sneakers,
loui vuitton,
authentic louis vuitton ,
louis vuitton prices,
louis vuitton tote,
louis vuitton official website,
cheap louis vuitton bags,
authentic louis vuitton handbags,
louis vuitton speedy 35,
louis vuitton handbags on sale,
louis vuitton messenger bag,
louis vuitton wallet for women.