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PARIS, France — Two years after its launch, LVMH's multi-brand e-commerce platform 24S is entering a new category. Starting this fall, menswear customers will be available to shop the conglomerate's portfolio — Givenchy, Fendi and, on an exclusive basis, Dior, Celine and Louis Vuitton — as well as its competitors (Gucci, Balenciaga, Valentino and Prada) and newer brands (Off-White and Acne Studios).
The expansion is part of an effort at LVMH to capture more of the growing market for luxury menswear, which represents a small percentage of the group's total sales but is growing faster than womenswear and accessories. The arrival of Virgil Abloh at Louis Vuitton and Kim Jones at Dior, not to mention the launch of menswear at Celine under Hedi Slimane, have brought new interest and attention to those brands in recent seasons.
Much of the growth is coming out of China, where the menswear consumer is more fashion-forward than other regions. While LVMH has been scant on the details of 24S’ performance thus far, the company rebranded 24 Sèvres to a simpler title last month in order to make it more approachable for international audiences, the company said at the time. The name change corresponded with the launch of the site in Korea and Germany.
Eric Goguey, the chief executive officer, said in a statement sent to BoF that launching menswear was always part of the strategic vision for the site, and something clients have been requesting. LVMH Chief Digital Officer Ian Rogers said menswear is a key part of 24S' mission to offer an "unparalleled selection and service."
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LVMH introduced 24S, a digital offshoot of famous Parisian department store Le Bon Marche, in 2017 to tap into a growing luxury e-commerce market. At the time of its launch, it marked the largest digital investment by the group after hiring former Apple music executive Ian Rogers in 2015 as chief digital officer.
Although it’s unclear exactly how 24S is performing, a representative for the company said it overperformed against objectives in 2018, with the exclusive brands (Celine, Dior, Louis Vuitton and Moynat) driving a significant part of the business.
While LVMH does not reveal metrics for 24S, the site sees less online visitors than its competitors. According to data from Similarweb, 24S generated 183 million global visits in May 2019, trailing Matches Fashion (5.3 billion), Net-a-Porter (8.8 billion) and Ssense (10.7 billion). All were dwarfed by Farfetch (27 billion) in the same period.
However, the market for online shopping is still growing. Online shopping represented 10 percent of the entire personal luxury goods market in 2018, according to Boston Consulting Group, which projects it will grow to about 25 percent by 2025, faster than any other channel. The firm also said 70 percent of luxury purchases are influenced by e-commerce websites, digital content and marketing platforms.
Disclosure: LVMH is part of a group of investors who, together, hold a minority interest in The Business of Fashion. All investors have signed shareholders’ documentation guaranteeing BoF’s complete editorial independence.
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