Louis Vuitton to Launch First Beauty Collection, 'La Beaut? Louis Vuitton'
Lipsticks Priced at 220,000 KRW, 2 to 3 Times Higher Than Herm?s and Chanel
'Small Luxury' Trend Drives Growth in Luxury Cosmetics Market
French luxury brand Louis Vuitton is officially launching its first cosmetics products. As competitors such as Chanel and Hermes have already established a strong presence in the beauty market, attention is focused on whether Louis Vuitton's higher-end "premium strategy" will shake up the luxury cosmetics landscape.
On August 20, Louis Vuitton announced that its first beauty collection, "La Beaut? Louis Vuitton," will officially debut in Korea on August 29. This comes four months after Louis Vuitton revealed plans to enter the beauty market in May.
Louis Vuitton Launches First Beauty Collection, 'La Beaut? Louis Vuitton'
The collection consists of three categories: lipstick, lip balm, and eyeshadow. The "LV Rouge" lipstick line features 55 shades, inspired by the Roman numeral 55, which corresponds to Louis Vuitton's initials, LV. The "LV Balm" lip balm is available in 10 shades, and the eyeshadow palette "LV Ombres," which comes in four-color sets, is available in eight different versions.
The product design for the collection was overseen by German industrial designer Konstantin Grcic. To be environmentally conscious, plastic use was minimized, and materials such as aluminum and brass were used to make the products refillable. The beauty creative director is makeup artist Dame Pat McGrath.
To allow consumers to experience the products, Louis Vuitton will open a three-story pop-up store at its Dosan location starting September 1. The store will also showcase beauty trunks and leather accessories dedicated to the new beauty line.
Lipstick Priced at 220,000 Won... 2 to 3 Times More Expensive Than Hermes and Chanel
Louis Vuitton has set the prices of its new beauty products at the ultra-premium level. According to international media, lipsticks and lip balms are each priced at $160 (about 220,000 won), and eyeshadows at $250 (about 350,000 won). Refills are priced at $69 (about 100,000 won) for lipsticks and $92 (about 130,000 won) for eyeshadows. The cost of a lipstick refill is similar to or even higher than the price of a regular lipstick.
Even compared to other luxury beauty products, Louis Vuitton's beauty line is notably more expensive. In Korea, Hermes lipsticks retail for 98,000 won, while Chanel's are in the 50,000 to 70,000 won range. Despite being in the same "Hermes, Louis Vuitton, Chanel" tier, Louis Vuitton's products are about two to three times more expensive than those of its competitors. Industry insiders believe that Louis Vuitton is aiming to strengthen its brand exclusivity and differentiated status through this ultra-premium strategy.
The "Small Luxury" Trend and the Growth of Luxury Cosmetics
The reason luxury brands are rushing into the cosmetics business is due to the trend of "affordable luxury consumption." Amid economic downturns and consecutive price hikes, the burden of purchasing high-priced luxury goods has increased, making more accessible beauty products a way to retain existing customers and attract new ones.
In fact, according to the retail industry, cosmetics store sales growth for luxury brands such as France's Hermes and Italy's PRADA at the three major department stores-Lotte, Shinsegae, and Hyundai-was between 16% and 24% last year. This surge is attributed to the growing demand for "small luxury," where consumers opt to experience luxury brands through more affordable cosmetics rather than expensive bags or apparel.
In addition to entering the beauty market, Louis Vuitton is accelerating business diversification by opening restaurants. Previously, Louis Vuitton announced plans to open the restaurant "Le Caf? Louis Vuitton" in Cheongdam-dong on September 1. Through the "Louis Vuitton Culinary Community," which discovers and supports promising chefs, the brand is introducing menus in cities such as Paris, New York, Tokyo, Milan, and Bangkok.
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