What role does innovation play in LVMH's strategy?

Innovation plays a crucial role in LVMH's strategy as it drives product development and enhances customer engagement. The luxury market is highly competitive and ever-evolving, necessitating constant innovation to meet the changing tastes and preferences of consumers. By focusing on innovation, LVMH is able to create unique and high-quality products that distinguish their brands from competitors.

This emphasis on innovation contributes to maintaining and enhancing the brand's prestige, allowing them to engage customers through new experiences and offerings. It can include the introduction of novel designs, the use of cutting-edge technology in product creation, and the development of new marketing strategies that resonate with luxury consumers. By doing so, LVMH fosters a deeper connection with its clientele, encouraging loyalty and increasing customer satisfaction. As a result, innovation does not solely center on product development but extends to all facets of the business, ensuring LVMH remains at the forefront of the luxury market.