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Project no.2 Project title: Louis Vuitton
Class and group/team number:
Marketing Management
Group 2.
Amandip Singh Grewal
Adrián Raček
Martina Michalíková
Sandra Beenfeldt-Hansen
Group members: 4
Date: 7/10-2014
Number of characters (including spaces, footnotes, end notes and text boxes): 30.308
Signatures of all the participating group/team members:
_____________________________ _____________________________
_____________________________ _____________________________
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Table of Contents
Value Chain analysis of LV ................................................................................................................. 3
Support activities............................................................................................................................... 3
Firm infrastructure ........................................................................................................................ 3
Human Resource Management .................................................................................................... 4
Procurement .................................................................................................................................. 4
Technology development.............................................................................................................. 5
Primary activities .............................................................................................................................. 6
Inbound Logistics ......................................................................................................................... 6
Operations ..................................................................................................................................... 6
Outbound logistics ........................................................................................................................ 7
Marketing & Sales ........................................................................................................................ 8
Service .......................................................................................................................................... 9
Strengths............................................................................................................................................. 10
Weaknesses ........................................................................................................................................ 10
Strengths long term ............................................................................................................................ 11
Weaknesses long term ........................................................................................................................ 11
VRIN – Innovation and savoir-faire .................................................................................................. 12
Sustainable competitive advantages................................................................................................... 13
Business Law questions ..................................................................................................................... 14
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Value Chain analysis of LV
In the following, a value chain analysis of LV (LV) will be made to find where in the value chain
the company creates value for consumers and the company. Furthermore, the competitive position
of LV will be determined using the VRIN framework.
Support activities
Firm infrastructure
1
If we look at the firm infrastructure, we should mention general management. One of LVMH’s key
strategic advantages is its strong leadership – LVMH’s chairman Bernard Arnault (controls a total
of 43.5% of LVMH and 35% of voting rights)2 led the company through a great development plan,
turning it into one of the largest luxury companies in the world. His style of management focuses on
the radical innovation and limitless. LVHM is an organic company with a decentralized
organizational structure with focus on efficiency, productivity, creativity, and dynamic motivation.
Since A.B. became CEO of the company, LVMH’s value has been multiplied by fifteen.
LVMH has adopted a global product structure where the business’s different product categories are
managed separately. This structure places brand experts at the helm, and that helps LVMH build
and maintain the link between product development personnel and customers. Because of this, the
firm has been successful in keeping up with global trends. The structure has also been a
disadvantage as LVMH’s product categories are independently managed (pricing, location and
decisions) – there is for ex. a duplication of employees and facilities which adds to LVMH’s
operating costs and it takes longer to train professional managers to meet the criterion for global
product structure, which also means to understand local and foreign markets well. For example if
the company would move its manufacturing to Asia to take the advantage of cheap labour, this
1
2
http://www.cogmap.com/chart/louis-vuitton,(2013)
http://en.wikipedia.org/wiki/Bernard_Arnault, (2014)
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would not match the purpose of LVMH – to provide high- quality luxury products, and could
damage the brand image, which is the most important part to gain high profits.
Human Resource Management
The efficient human resource management also contribute to the corporation’s success in the
market. Vuitton's manufacturing is labour-intensive, with a team of 20-30 workers producing about
120 handbags a day. Each team works on one product and team members are not only encouraged
to suggest improvements in manufacturing but also briefed on details about the product, like its
retail price and how well the product is selling. "Our goal is to make everyone as multi-skilled and
autonomous as possible," says Thierry Nogues (a team leader in one of the Vuitton´s factories).3
Andrew Gowen, a London analyst says: "They've achieved pretty close to the perfect balance
between mechanization and handmade."
The company´s main strategy is to trust their creators and to strike a balance between the classics
and the new and innovative, in fact, only 15% of profits come from new products4, most of it comes
from the traditional products consumers have grown to love.
The total amount of employees increased 8% compared to year 2012. From these, 103,447
employees worked under permanent contracts and 11,188 worked under fixed-term contracts.
Employees who work part-time represented around 18% of the total workforce. Outside France, the
amount of staff increased by 2.5% to 81% of the workforce worldwide. The main changes are due
to the fact that LVMV was opening new stores, mainly in Asia, the Middle East and Latin
America.5
For LVMH the recruitment of talents is a key management task and the most important element for
the success. For businesses like this where creativity is the key factor, it is clearly essential to be
able to have most appropriate and promising talent. As there is a lot of competition in businesses
like this, the quality of teams and of each of their members make the difference.
Procurement
LVHM design and manufacture their products in-house so as to have full control of production and
to limit dependency on suppliers. Seventeen leather goods manufacturing shops of LouisVuitton
(twelve in France, three in Spain and two in the United States) provide most of the brand’s
production. The company uses third parties only to supplement its manufacturing and achieve
3
Carol Matlack (2004), p.100
Carol Matlack (2004), p.100
5
LVHM Reference document (2013), p.70
4
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production flexibility in terms of volumes. LV purchases its materials from suppliers located around
the world.
For example LV made an agreement with Tannerie Masure which is exclusively supplying LV with
hides, which are being tanned in Tanneries de la Comète. Another example would be Tanneries
Roux, a French supplier, who helped LV to access strategic supplies. For LV, the leading supplier
of hides and leather represents about 16% of its total supplies of these products. Overall, the use of
subcontractors for Fashion and Leather Goods operations represented about 41% of the cost of sales
in 2013.6
LVHM make deals with the best fashion magazines, such as Vogue, Vanity Fair, and Elle to
advertise their products. From 2001 till 2009 LVHM preferably collaborated with famous
supermodels, actresses and singers.
Technology development
LV has its own Vuitton's test laboratory, a high-tech “torture chamber“ for its luxury goods. In this
laboratory LV put their products through rigorous testing. Some of the techniques that LV practices
are to ensure the durability of the bags is the use of a robot that continuously drops a bag containing
a 3.5 kilogram weight, a machine that tests bags for fading by shooting ultraviolet rays at the bag,
and machine that opens and closes a zipper 5,000 times.7 There's even a mechanized mannequin
hand, with a Vuitton charm bracelet around its wrist, being shaken vigorously to make sure none of
the charms fall off.
Moreover, LV has developed a computer program to help leather cutters identify the flaws in the
skins they receive. The program is also useful in another sense, since it determines where exactly to
cut the bags to avoiding waste, leading to drastically increased efficiency.
A very important part of LV’s technology is the online ordering system. Besides direct owned
stores they also send their products online in order to make it more convenient. As it is never
possible to get a discount on a product or buy an outlet bag, it is still keeping its luxury inside. LV
is trying to find a balance between maximum of sold products with saving its value and that is what
makes it really hard to implement new technologies and not break the “craftsmen” story.
6
7
LVHM Reference Document (2013), p.16
LVHM case, p.12
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Primary activities
Inbound Logistics
LV uses high quality materials and are very selective about their materials to ensure that the quality
lives up to the expectations of their costomers. Leather, zippers and clasps are sourced from
external suppliers.8 The more expensive products uses high quality leather from Northern Europe,
as there are less visible insect bites on the skin of the animals.9
Operations
LV is designing their bags in their own factories. In 2011 LV owned 17 factories, and they are still
planning on expanding. 10
LV used to have employees rather specialized in their own individual tasks. However, recently LV
invented a new factory system. In this new system LV reorganised its teams, so now they consist of
about 10 workers. By doing this, LV made it possible to free up 10 % more floor space in its
factories, resulting in the hiring of 300 new employees without adding a single factory. 11
In the new factory system, assembling bags takes less time, since factory workers do not have to
wait for goods to be moved from one workstation to another. This makes it possible for the
company to ship collections to its boutiques every six weeks, which is more than twice as frequent
as in the past. 12
The employees in the factories consist of a team of craftsmen, designers, and artists.13 Ever since
the company was founded in 1854, LV has been innovative in its production. Although competitors
have been copying LVs design, the company held on to its innovativeness and it’s savoir faire
(being adaptable in any situation), which LV has certainly been14. Alone in 2012, LV initiated
13.800 raids and 33 258 anti-counterfeiting procedures worldwide. 15
8
LVMH case, page 6.
LVMH case, page 12.
10
The Wall Street Journal (2011) Christina Passariello
11
The Wall Street Journal (2011), Christina Passariello
12
The Wall Street Journal (2006) Christina Passariello
13
LV (http://uk.louisvuitton.com/eng-gb/la-maison/brand-protection#/respecting-heritage)
14
LVMH case, page 2
9
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The passion of the employes in LVs factories can be seen as one of LV’s strenghts and is illustrated
in the following saying of some of the employees: „It’s the heart of the business, it’s the image of
the business — leather goods are the core of the company. Working on the fashion leather goods
was amazing training and experience....” and “,,.It’s about how to release things, how things are
evolving creatively and implementing that within the business. If the bags are getting more
sophisticated how do you speak about that? How do you treat the bags? So there’s lots going on
there.”16 The employees recognize how important it is to create value through the whole chain, and
this is one of the things that are crucial to the company’s success.
LV has put a lot focus on saving costs in their operations division. By reorganising their teams in a
more efficient matter they are able to save costs, which contribute to the profit of the firm.
Outbound logistics
LV owns its own stores (DOS stores) 17 In this way the company can control its distribution and
image.18 Excess stock was destroyed rather than discounted, and products were not sold through
outlet stores.19
LV uses a combination of FedEx‘ tranportation services. The most popular, fast-selling products are
shipped directly from the factories to LV stores worldwide by FedEx Express. Rush orders are sent
by FedEx International Priority. For restocking it’s classic stock, LV uses FedEx Express from its
international logistics and information processing center located in Vergy, France. The individual
shops uses FedEx Insight, which is a web-based application used to recieve information about
critical shipments and view the status of the shipment without having to type in a tracking number.
Accodring to Vincent Barale, director og Logistics and Transportation for LV One of LV’s main
aims is to be more responsive to its logistic operations. He expresses the following: „The services
provided by FedEx enable us to reduce lead times while optimizing stock levels within our retail
network. FedEx is an integral part of our remarkable, ongoing story of innovative luxury.”20
By using a combination of transportation services, LV is saving costs on activities that don’t
contribute much value to the consumer, which in effect contribute to the company’s profit. Also LV
manages the stocks of their goods in a more cost-efficient way. By outsourcing part of the
company’s outbound logistics to a transportation firm as FedEx, LV can focus on its core
competencies of proving quality, handcrafted luxury leather goods and At the same time, LV holds
16
LVMH case, page 11-12
LVMH case, page 6
18
LVMH case, page 8
19
LVMH case, page 10
20
Fedex Annual report (2005)
17
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down transactions costs by relying on one supplier instead of various suppliers.
Marketing & Sales
LV does a lot of campaigns containing celebrities. The last few years they have used several
celebrities in efforts to reach a wide consumer segment. Through these campaigns, LV wishes to
drag you into the world of luxury in the way that LV sees it. In this way, they try to give you an
insight of their universe.
21
LV wants to show your life is a journey. They do this by using different personalities from different
worlds, for example actors, film stars, rappers, supermodels, and even austrounts.22 One of the
campaings LV has done is the Spring/Summer 2014 campaign, where their focus is the young
generation who likes to travel and discover the world. The photosection takes place in South Africa
and the campaings main purpose is to show how practical and easy travelling is, when you are in
possesion in one of LV‘s bags.
LV is aiming towards all three consumer segments in the luxury goods industry, but according to
the company’s new strategy LV is trying to move more towards the absolute segment. The main
reason for this is that the sales in the luxury goods industry has been increasing in Asia-pacific.23 In
doing this the company has introduced new more subtle, less logo flashing bags, the so-called
Cappucine bags, with higher price tags, reflecting the preferences of the absolute consumer
segment. At the same time the price of the classical Monogram and Damier range will increase
a fair amount. With the introduction of the new strategy, LV hopes to loose just enough of the
accesible consumers, yet not withdrawing these consumers entirely, since afterall these consumers
could end up buying the company’s more expensive bags later in life through loyalty to the brand.
LV’s goal is to their image a bit and thereby improve their profit. Their move is going in the same
direction as their main competitors Bottega Veneta, Hermes and Chanel, who have their main focus
on the two upper segments. 24
Looking into LV’s marketing campaigns gives a clear indication of what they are trying to do. By
relying on their well-established heritage brand they are trying to keep consumers in the lower
segment, while putting more focus on the two upper segments. Through clever marketing LV has
managed to target all three consumer segments. LVs‘ offering already corresponds well with what
the aspirational consumer segment expects, namely high quality goods, an exclusive buying
21
Tatjana (2012)
LV, "The spirit and travel and Campain.
23
LVMH case, page 17.
24
The Richest (2013) Andrea DiVirgilio
22
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experience and brands based on tradition and heritage.25 The absolute segment is to be reached
through the introduction of the new capucines and lockit bags, respetively sold at $4,850.00 and
$5,600.00. LV underlines their focus on „savoir-faire“ by describing the making of each bag.26
A click at their webpage is revealing the company’s changed focus from their well-known,
traditonal Monogram and Damier handbags towards more subtle, soft leather bags 27Going with the
accesible segment, consumers of this segment hopefully will stay loyal to the company despite the
price increases.
By changing their focus more towards the two upper segments, LV wants to stay a brand of luxury
and exclusivity and not to be associated with mass-market consumerism 28 and at the same time
regenerate more profit from by relying on the upper segments.
Although LV is a strong well-established brand, the company has to adapt to the trends going on. In
2013 LV’s sales growth was reduced by 50 % as it failed to anticipate consumers' move away from
logo-branded luxury goods. This resulted in the Chinese demand to fall and it put a stopper to the
expansion of more shops.29
If LV doesn’t adapt to the consumer trends of the absolute consumer segment, and especially the
Chinese, the company’s position in the market may be at risk.
Service
LV is known for their excellent service for their customers. The company has invested in having an
asssistent to bring the bag from the backroom for the sales person, so the consumer isn't alone at
anytime.
LV has an after-sales department that manages repairs of the bags. LV offers a lifetime guarantee.
This means that the consumer can get goods repaired for free.
If you wish to personalize your bag and thereby making it more unique, LV offers a number of
different services. For example you can get your product stamped with your personal initials.
For the absolute segment LV furthermore offers a designing consultation on a yacht with a private
butler and specific areas in the store – services specifically made for this consumer segment.
25
LVMH case, page 5
LV - Capucines bags + "LockIt"
27
LV - (http://us.louisvuitton.com/eng-us/stories/women-handbags).
28
The Richest (2013) Andrea DiVirgilio
29
Reuters (2013) Astrid Wendlandt & Pascale Denis
26
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Strengths
Their size: LV has the most stores worldwide compared to other brands in the industry. The
company has about 440 stores worldwide and compared to most their competitors, LV already has
expanded to China. The size of LV gives the company a strong position in the luxury goods
industry.
Innovation and savoir-faire: LV has managed to keep up their innovation throughout time.
Although they are an easy target for counterfeiting they have through their innovation and raids and
anti counterfeiting-procedures managed to thrive their business.
High quality materials: As mentioned, LV use high quality materials and very selective about the
materials they use.
Their brand: The brand is based on a tradition of heritage and quality craftsmanship that dates
back to year 1854. People still think of LV as a company producing a high quality craftsmanship.
Strong leadership (Bernard Arnault): Bernard Arnault (Arnault) reorganized the structure of the
firm and made the decision to enter the Asian market, which was a clever move that benefited the
company profits. Arnault has transformed a LVMH into a conglomerate that controls more than 60
luxury brands. Arnault is driven by the belief that he can take any luxury brand and make it bigger
and more profitable, and his record is pretty good.
The factory system and the teams: Each team works on one product and team members are not
encouraged to suggest improvements in manufacturing, but also briefed in details about the product
like its retail price and how well the product is. Also, the modernized factory techniques have
improved the company’s efficiency, leading to higher profits.
Their marketing: LV is doing very clever marketing and is good at adapting to the market. As
mentioned, they have been using several different celebrities in their campaigns. LV’s marketing is
aimed at different consumer segments, and their innovativeness and savoir-faire is reflected in their
marketing.
Weaknesses
The modernized factory techniques: LV’s consumers pay hundreds of dollars for its logo canvas
bags, because they have bought into the notion that skilled craftsmen make them the old-fashioned
way. Although the company has been modernizing gradually for some time, that reputation is still
vital to the company's success. LV is trying to improve their logistics by mechanizing the process of
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making their leather good. However, they have to be careful not doing this too much, since they are
known for their quality handcrafted leather goods. LV ran into a problem in regards to their
consumer perceived image of making all their leather goods by handcraft, when in fact this was not
the fact. This created a structural problem in the communication.
Price sensitive in slumps: LV’s products are in the expensive end, and since they are positioned in
the luxury goods industry, many consumers will not buy the products, when there is a slump in the
economy.
Strengths long term
Could be that already are well established with many shops worldwide. Therefore the growing
Chinese market wouldn’t be a market LV would have to go into, since they are already there with
several shops compared to their competitors.
Weaknesses long term
The Image: LV wants to reach the absolute segment even more than they already do. Even though
they have a wide selection of different products, when consumers think of LV, their traditional
Monogram bags and to some extent their Damier bags immediately comes to the minds of the
consumers. This implies a problem for LV, since their other product lines such as clothing,
accessories like sunglasses, wallets, and jewelry, do not get as much attention. LV is trying to be
more efficient by reacting more quickly to orders on their classical range made by their consumers,
as mentioned before. By doing this, LV is trying to be more profitable and thereby increasing their
margin. However, LV still has to protect their image towards their brand. By producing too many
bags they risk damaging their brand,30 which will then be perceived as a mass-market brand.
In the following the VRIN framework will be applied to LV’s strategic capabilities that that give
LV their sustainable competitive advantages.
30
LVMH case, page 11.
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VRIN – Brand
Value: The brand is valuable, since it does provide value to the consumers and at the same time the
brand contributes highly to the company’s profit.
Rarity: The brand is rare. Few other companies are based on heritage and quality, but no other
company posses the same brand perception of quality craftsmanship.
Inimitability: The brand is difficult to imitate, since the brand is based on a tradition of heritage
and quality craftsmanship that dates back to year 1854. It is hard to know exactly what contributes
to the success of the brand.
Non-substitutability: LV’s brand is at risk from substitution. Some consumers that are less loyal to
the brand will be inclined to buy from other brands in the luxury goods industry. In this aspect the
brand can be substituted to some extent.
VRIN – Innovation and savoir-faire
Value: LV’s innovativeness and savoir-faire has definetely created value to the company. If the
company didn’t innovate and adapt to the environment, today the company wouldn’t be alive.
Rarity: Other companies do innovate and adapt to the environment, but not in the way that LV did
it.
Inimitability: The innovation and savoir-faire (ability to adapt to environmental circumstances) is
hard to imitate. Whilst staying true to their brand LV has managed to innovate in a way that adapts
to the environmental trends. By doing this LV will maintain its credibility of their brand, instead of
just moving away from what the brands stands for.
Non-substitutability: The risk of subtitituon is low. Innovativeness and savoir-faire is difficult to
substitute. Since there is no such substitutes providing the same output.
VRIN – Quality
Value: The quality of LV’s product does create value for the consumers as well as for the company.
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Rarity: The quality of LV’s products is rare, since they are very selective about the use of their raw
materials and do pick out their suppliers carefully.
Inimitability: LV’s products go through a lot of testing to ensure the quality and durability of the
products. There is a lifetime guarantee on the products, and the co-workers in the factories posses
a lot of expertice and experience in crafting the products.
Non-substitutability: The quality of LV’s bag is not at risk of being substituted. There is no direct
substitute for quality.
In the following a description of LV’s sustainable competitive advantages will follow. The purpose
of the section is to explain how these correlate and together form LV’s sustainable competitive
advantages.
Sustainable competitive advantages
With use of the VRIN framework it is evident that all LV’s strategic capabilities are fullfilling all 4
criteria in the VRIN framework to a high extent. These strategic capabilies are very interraleted.
LV’s brand is based on heritage and history of their high quality craftsmannship. The brand is one
of the cornerstones of LV’s succes and together with the company’s innovativenes and savoir-faire
it is contributing highly to the overall succes of LV. At the same time the quality of LV’s goods is
especially related to their brand, and the quality of their goods are never comprimesed on. So whilst
LV is introducing new products in their already exsisting range, they do this slowly to ensure the
quality of their goods are living up to the expectations of their consumers and especially that it lives
up to what their brand stands for: high quality craftsmanship.
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Business Law questions
1) A driver delivered LV bags to a store. He was carrying three packages and accidently
walked into a glass door, which broke. At the same time a costumer’s dog was in the store,
and it got injured.
Who can claim damages from whom?
In Tort law there are 2 people involved: The tortfeasor and the injured. The tortfeasor is the one that
can be claimed from the damage. The injured is the one that gets injured.
In order for the injured to being able to claim loss, the loss must be of financial value. Losses of
sentimental value cannot be claimed.
In general there are 4 rules that have to be fulfilled if a loss is to be claimed. The purpose of these
rules is to be aware of the basis of liability. Therefore these 4 rules go under the basis of liability:
1.1 Culpa: First of all culpa has to be committed. In order to incur liability for damages when
the basis for liability is culpa, a negligent action must have been present. When determining
whether a person has acted negligently – and thereby differently from what is considered a
normal and recognized pattern of behavior in the area concerned, the courts will look at how
dangerous the act was. For this a scale is used in which 5 actions can be arranged:
-
Fortuitous accident: A fortuitous accident is, when the person could not expect the act to
happen. This will not be perceived as a negligent act.
-
Simple negligence: Simple negligence refers to when a person has acted fairly negligent,
thus it will be perceived as a negligent act.
-
Gross negligence: Gross negligence refers to when a person has acted highly negligent,
this it will be perceived as a negligent act.
-
With intent (a deliberate act): A deliberate act refers to when a person has done the act
on purpose, thus it will be perceived as e negligent act.
1.2 Strict liability: In the case of strict liability, the tortfeasor is responsible no matter what.
This is for example the case for the employer.
2
Economic loss: An economic loss must be suffered. The economic loss must be of financial
value. Losses of sentimental value cannot be claimed (see above).
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3
Causality: Why did it happen?
4
Ability to foresee: What you could expect to happen
Answer: “If a master gives his servant, or another, authority to perform a duty on his behalf, then
the master shall answer for whatever offence may be given by the man he has given authority, and
then seek repayment from him.” If an employee acts in the working time, the employer will be
responsible for the employees act. Therefore, according to the law, employers are carrying the
responsibility for the act of the employee. In this case, it is therefore not necessary to look at the
degree of culpa. However, if the employee acted outside his working hours, you could look at the
degree of culpa committed. In this case, the employee would have committed simple negligence and
would thus carry the liability.
In the case it is not clear, whether the dog is in a leach or not. Let's assume the dog is not in a leach.
According to the dog Act (section 8 of the dog Act), strict liability also applies to those of
possession of a dog. It is the dog owner’s own responsibility and fault, since he decides to take the
dog into the store. The act of the dog would be consequence of the delivery man’s act, at it would
be seen as a fortuitous accident. Therefore neither the deliveryman nor the deliveryman’s employer
is to blame.
A dog doesn’t really belong in the shop. However, let’s assume the shop had a section for dogs.
Then the case would be different. In this case it would be the responsibility of LV that the dog
didn’t ran out to the broken glass.
2) Answer: The consultant of LV (LV), who has the responsibility for the purchase of company
cars, was interested in car an offer, which was sent to the company on 29th of November. A letter of
acceptance for this offer was sent on 5th of December and it arrived on 8th of December, although
the deadline was the day before (7th of December). As there was a fixed time for acceptance, the
answer must had appeared before the deadline to be accepted (§ 2 Danish Contracts Act). In
accordance to §4,1, an accepting answer arriving after time shall be considered as a new offer.
However LV thought that the letter had arrived in due time, so the previous section cannot be
applied. The car company gave a notice to LV that their offer was no longer valid. If the car
company did not send the notice, the contract would be considered as being concluded. The notice
was sent, however it did not reach other party, but the car company followed the law – it shall not
suffer as it is not responsible for delays or delivery.
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The car company acted in accordance with law, as they gave a notice to LV and they expected them
to be aware of contract being invalid. The fault is neither on the side of LV or the car company, so
the car company is not bound to LV’s acceptance, and LV cannot claim any refunds.
3) Explain briefly the various grounds of invalidity.
Answer: An agreement is binding if there has been given a binding offer, which has been read.
Nevertheless, an agreement can be cancelled if certain circumstances are at place.
When speaking of invalidity, one distinguishes between strong invalidating factors and potentially
invalidating factors. Also, one is distinguishing between good and bad faith.
If we start with the potentially invalidating factors, the one of the parties must have acted in bad
faith. This means that if a person knows that he is doing something wrong, he is acting in bad faith.
For example if a man were threatening a woman to sign an agreement, it would be a potentially
invalidating factor, since the man who is threatening the woman is acting in bad faith.
When speaking of strong invalidating factors it is about factors that a person cannot protect himself
against. For example if one is using another man’s name when signing an agreement, the agreement
can be cancelled and is thus not binding. Also if you are forced to sign a contract, it can be
cancelled. The same is the case if the content of an agreement is changed after the agreement has
already been signed. If an error has occurred in the agreement, the agreement can be cancelled. Also
if another person is making an unconscious person sign the agreement, it can be cancelled.
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Sources
The Richest (2013) "Regaining Exclusivity: LV To Become More Expensive", Andrea DiVirgilio
(http://www.therichest.com/expensive-lifestyle/fashion/louis-vuitton-thinks-their-bags-arentexpensive-enough/)
Reuters (2013) "Analysis: Brand-hungry LVMH seeks new niche as Vuitton flags", 3rd October
2014, Astrid Wendlandt & Pascale Denis (http://www.reuters.com/article/2013/10/06/us-lvmhgrowth-analysis-idUSBRE99503820131006)
Matlack, C. (2004): “The Vuitton Machine“, 21. March 2004, BusinessWeek,
file:///C:/Users/Admin/Downloads/ContentServer%20(1).pdf
Passariello, Ch. (2011), “At Vuitton, Growth in Small Batches“, 27. June 2011, The Wall Street
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