Louis Vuitton can't keep up
All this talk of the recession has clearly been forgotten today as Louis Vuitton decided to close its stores in Paris one hour early, in a drastic bid to sell less stock. As most other retailers are fighting to survive in the bleak consumer drought, the luxury fashion store is apparently struggling to keep up with demand and has decided to limit its opening hours in order to hold on to stock for Christmas.
Reuters reports that Louis Vuitton’s Parisian stores are a major destination for foreign tourists, with Japanese, Chinese and Russian buyers making up a significant portion of the brand’s total western European revenue. For many of these tourists it is cheaper to buy one of the iconic LV monogrammed bags in Paris than in their home countries. Clearly these consumers’ voracious appetites for luxury goods has not been affected by any kind of global financial crises, and Louis Vuitton has found itself in the peculiar position of having to limit supply – lest it ends up with rows of empty shelves when the Christmas spending kicks in. Three of the retailer’s Paris shops now close at 6pm, rather than 7pm, including the elaborate flagship store on the Champs Elysees.