|Legal Name:||Louis Vuitton Malletier|
|Headquarters Regions:||Paris, France|
|Founded Date:||1854, Paris, France|
|Number of Employees:||150000+|
|Area served:||The United States of America And World|
|Products of Company:||French fashion house and luxury goods company|
|Net Worth in 2021:||$130 Billion|
Louis Vuitton was initially known as Louis Vuitton Malletier. Louis Vuitton is a French pronunciation is sometimes shortened as LV. This is a company situated in France, and it majorly deals with a fashion house and luxury goods. The company was founded by Louis Vuitton and has been around for more than a century as it started running back in 1854. Most of the products by Louis Vuitton has an LV monogram label on it. There are many products registered under LV including: ready-to-wear watches, shoes, accessories, jewelry, leather goods, luxury trunks and books.
Louis Vuitton is a leading international house all over the world, and it sells its products through lease departments in very expensive department stores and standalone boutiques. They also sell their products through their e-commerce section of its website. The company was started in 1854 on Rue Neuve des Capucines which is located in Paris, France. The company started at a sales price of $10,567.
The flat-topped trunks was introduced by Vuitton himself, and he ensured that they were lightweight and airtight. With time, he has continued coming up with new products that were well embraced and appreciated. In 1867, it participated in the Universal Exhibition in Paris. And they received their first Japanese customer by the name Ōyama Iwao who ordered a set of luggage. The company continued to grow and by 1885, it managed to open its first store on Oxford Street in London.
Well, how well do you know about Louis Vuitton? If not much, we have compiled all you need to know about Louis Vuitton’s net worth in 2021, wiki and complete details. Well, if you’re all set, here is what we know about Louis Vuitton to date.
In 1892, Louis Vuitton died and therefore, the management of the company was passed on to his son Georges Vuitton. Luckily, he was business-oriented and he immediately started looking for ways of developing the business and growing it to become an international corporation. He attended the Chicago World’s Fair in 1893, and exhibited the work of their company. Georges started traveling around the world and he started with Japan before moving to the United States. His main agenda was to look for new market and new ideas to make the products of his company better.
A new product in the name of Steamer bags were introduced to the market. This was a small bag that was intended to be kept inside their luggage trunks. They opened a Louis Vuitton building by 1913 on Champs-Elysees. This was listed as the largest travel-goods store not only in the US but also in the whole world. They later opened more stores in Bombay, New York, London, Washington, Buenos Aires and Alexandria before World War 1 began.
During the occupation of German by France, Louis Vuitton collaborated with the Nazis. They progressed so fast and they released one thing after the other to the market and one of the things they did was releasing a book to the market. From 1945 to 2000, they started incorporating leather into most of the products they made. This ranged from wallets to purses as well as larger pieces of luggage. In 1959, the Monogram Canvas signature was revamped in 1959, and it made suppler which allowed the use of bags, purses and wallets.
The more products they introduced into the market, the more counterfeits were introduced into the market. Therefore, the challenge was for Louis Vuitton to ensure that they were a step ahead of not only their competitors as well as the counterfeits. In 1997, Marc Jacobs was made the company’s Artistic Director.
He was the one responsible of introducing the first “prêt-à-porter” line of clothing for both men and women. They also introduced different products the same year and some of these include: the LV scrapbooks, the Monogram Vernis line as well as the Louis Vuitton City Guide. The company is growing bigger by day and today, they have managed to achieve more than the founder ever dreamt of.
Awards and Achievements
Louis Vuitton has managed to achieve a lot since it was founded in 1854. Apart from managing to stay on top of the market for many decades, he has also managed to release different products in the market. From 2006 to 2012, it was named the most valuable luxury brand in the world for 6 consecutive years just to mention a few.
Net Worth & Earnings of Louis Vuitton in 2021
What started at a hundred thousand dollars has greatly grown to become a very great company that is known over the world. As of 2021, the company’s net worth is estimated at $130 billion which is a recommendable growth. The company is currently making huge profit as at the records released by the company in 2020.
It is one thing to start a large company but it another to keep the company running and growing bigger and bigger every year. Louis Vuitton started a small company just to make ends meet and slowly by slowly, he realized there was room for growth. When he passed away, he gave the mantle to the right person as his son Georges worked towards building the company even more. Today, Louis Vuitton is a leading and luxurious company all over the world thanks to its good foundation.