Louis Vuitton (LVMH) Business Elements and Strategies

LVMH Business Elements and Strategies
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LVMH Business Elements and Strategies
Question 1:
LVMH had major elements that facilitated the company success under the aegis of able Bernard Arnault. Such attributes were product quality, company image, innovation, craftsmanship, and the process of production of company wares and service delivery. The aspect of controlling the sale and distribution of the products formed part of the elements too since that had a direct impact on the company progress. The quality and quantity of products are achieved by ensuring that one hires competent and dedicated personnel who are out to spur the company progress ahead. Such a workforce should be retained for long and at their respective brands in order to trigger creativity and innovation which will help the firm carve a niche in the competitive market. For example, LVMH success was driven by the creative and aggressive personality of Arnault which was manifested in the way he bought shares of the companies such as Guinness that he wanted to be part.
The gradual increase in the firm’s financial prospects could be attributed to pragmatism and exquisite innovation among the stakeholders. Arnault was so aggressive that he bought DFS and other duty-free entities in order to secure the market for the products and services of the company. The fashion industry is very much reliant on innovation on the side of designers and artists. Such workers should be offered a wide berth to exercise creativity to the fullest free of any restriction. The more the workers stay in the area of expertise the more creative they become resulting in more appealing and selling products from...