Bernard Arnault, chairman and chief executive of the Luxury Brand Louis Vuitton recently opened a contemporary art and performance museum in France. The museum is open to the public and is something that Arnault and his “Fondation Louis Vuitton” Team have been working on for over a decade. The museum gives Arnault the opportunity to display the versatility of his brand. Previously, Louis Vuitton’s customer segment was people interested in ennobling themselves. However these days it has become increasingly difficult for luxury brands to distinguish themselves from one another. Arnault believes that this Museum will not only demonstrate but symbolize Louis Vuitton’s Point of Parity. It is not enough to create more and more stores around the world to gain potential customers. Louis Vuitton must focus on value proposition. The Museum demonstrates that the company’s purpose is not only to sell  luxurious clothing, they are also invested in cultural heritage and strong customer relationships. The opening days of the museum will be free admission for the public to come and explore the new architecture  as well as become more acquainted with the company. This is a good start for the company to expand their customer segment because it invites not only Louis Vuitton’s dedicated customers but also people from other lifestyles such as tourists or people who typically cannot afford Louis Vuitton’s goods. Louis Vuitton will now, no longer belong in only the category of luxury clothing.

Source: http://www.nytimes.com/2014/10/05/business/international/a-cultural-gift-to-paris-could-redesign-lvmhs-image.html?ref=international