Louis Vuitton is opening a dedicated furniture and homewares store in Shanghai, a world-first for the French luxury brand, as it aims to expand into lifestyle offerings for wealthy Chinese clients.
The appointment-only showroom, which will open on Monday, is located in a century-old three-storey mansion situated just behind Nanjing Road, the city's premier upscale shopping strip.
Louis Vuitton, part of LVMH, said on Friday that the showroom will be trialled for several months as a pop-up and if it is successful it will become a permanent feature.
While no price tags were on show at the store during a media preview, a Louis Vuitton employee said a brightly-hued hanging cocoon chair designed by the Campana brothers was priced at more than 700,000 yuan ($97,860) and a small lamp resembling a glass milk bottle encased in leather straps cost 10,500 yuan.
A smaller side building is dedicated to showing designs by Frank Chou, the first mainland Chinese designer tapped by Louis Vuitton to collaborate on the Objet Nomades collection, as the furniture and homewares ranges is known.
Finding new avenues for growth, particularly among wealthy consumers, is becoming increasingly important for luxury brands in China as spending is pressured by Covid-19 curbs, a property market decline and widespread economic uncertainty.
Louis Vuitton dipped its toes into a more lifestyle-orientated offering in China last month when it opened a store in the south-western city of Chengdu that included an exhibition space and restaurant.
“LMVH is striving to … reposition itself as a contemporary luxury brand by tapping new avenues that resonate with dynamic Chinese Millennials and Gen Z consumers,” said GlobalData consumer analyst Bobby Verghese, whose firm expects sales in China's home sector will grow to $782 billion by 2026.
Mr Verghese sees homewares as a good bet for Louis Vuitton, especially in China.
“Unlike their predecessors who prioritised privacy, the Gen Y digital immigrants and Gen Z digital natives are not averse to flaunting their lifestyles on social media,” Mr Verghese said.
“LMVH aims to gain an early-bird advantage in this emerging space.”
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Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
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Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
UAE currency: the story behind the money in your pockets
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
