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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.
Why the fashion world won't let Amazon in
There's no doubt Amazon has already mastered the art of selling groceries and other essential goods online. But the company aims to be more than that. It's focusing on streaming technologies, with services like Prime Video and Music Unlimited, a rival to Spotify and Apple Music. Then there's fashion, a space that may be the hardest (though not impossible) to conquer. While Amazon isn't new to selling clothes, the company sees high-fashion retail as its next holy grail. It wants to be the place where you can have a $12 Hanes hoodie and a $1,500 Louis Vuitton frock in the same cart.
