Louis Vuitton (LV), the flagship brand of the French luxury LVMH group, said on Tuesday that the company is expanding the production of its leather goods and handbags and plans to open three more new factories this year and next.
Louis Vuitton introduced that the first new plant will be completed and put into operation in July this year. Second and third will be completed early next year and later.
“15 years ago, 15 years ago, a handbag from Louis Vuitton took four weeks from production to delivery to a store,” said Val e RIE Dubois, head of the Louis Vuitton factory. “It only takes just two weeks, but our goal is to shorten the time to a week.”
In January of this year, LVMH group released the key financial data in the 2017 fiscal year. The total sales volume of the group increased by 13% to 42 billion 600 million euros, and the net profit reached 5 billion 130 million euros. (see “ornate ambition” report: the strong performance of Sino US market boosted LVMH group’s net profit increased by 29% in the 2017 fiscal year).
At the annual performance report analyst meeting, the chairman and CEO Bernard Arnault of the LVMH board said: “Louis Vuitton has a higher turnover, but it is subject to the following two factors: one is the lack of productivity; it is the consumer demand for some specific items of Louis Vuitton, but we are more willing to ensure the diversity of the products. At present, the growth trend of Louis Vuitton top commodities is very good.