Louis Vuitton plans to foray into prestige cosmetics to win back aspirational shoppers, taking a page from its luxury rivals [Fortune]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: Fortune
With a range of 55 lipsticks, 10 lip balms, and eight eyeshadow palettes, the new “La Beauté” category will mark the luxury conglomerate's venture into beauty within an established fashion brand. McGrath, recognized as one of the world's best makeup artists, already runs her cosmetics line under Pat McGrath Labs. But Louis Vuitton would offer an elite experience in 115 of its stores worldwide. “Prepare to be wowed,” McGrath, creative director of cosmetics at Louis Vuitton, told Vogue Business in a story published Wednesday . “This is a métier—a concept with an artisanal approach to make-up that combines the heritage and legacy of the fashion house, with the best innovation that the French product labs have to offer.” Louis Vuitton's parent company, LVMH, has been facing luxury sector tailwinds, causing its sales to lag amid tepid demand. Last year, the company's revenues fell 2%, while net profit plunged 17%. LVMH's perfumes and cosmetics segments were among the two segments
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