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The world of high fashion finally has its answer to Amazon
To give you an idea of the kind of customer LVMH is after, all you need to look at is Louis Vuitton's new $2,900 Android Wear smartwatch. The French company, which owns brands like Dior, Fendi, Givenchy and Marc Jacobs in addition to LV, is the epitome of luxury. And now, with 24 Sèvres, LVMH has what it hopes can become the main online destination for high-fashion shoppers. CEO Eric Goguey says the site is designed to be the web version of Le Bon Marché, an iconic retail space often described as the most selective department store in Paris.
Luxury fashion brands slowly embrace internet shopping
Luxury fashion brands have been notoriously reluctant to embrace the internet. While you can find their wares on some third-party stores, you typically have to visit an old-fashioned retail store if you want to buy straight from the source. However, that's set to change. LVMH, the owner of many of the world's biggest luxury brands (including Bulgari, Givenchy and Louis Vuitton), is launching its own online store in June.
