Louis Vuitton will open a store in Lebanon and one in Mongolia this year.
Speaking at the opening of its latest store in Dubai yesterday, Louis Vuitton chief executive Yves Carcelle said that the luxury label had not cut its investment in new stores in 2009 and has no plans to close any shops in the next 12 months.
He said: “Sometimes in our industry there is a tendency to follow your ego and sometimes open stores where you don’t have the market, or stores too big for your potential — we never do that. When we open a big store, we know that there is a market, we know the financials. So we never have to close a store for economic reasons.”
Carcelle said that Louis Vuitton, which is part of the French luxury retail group LVMH which includes Marc Jacobs, Donna Karan and Thomas Pink, usually invests around €250m (£233.2m) every year on stores and hasn’t reduced its level of investment this year compared with 2008.
Carcelle said that the brand, which had 433 stores at the end of June 2009, opened fewer stores this year than they did last but opened the same number of square metres as in 2008.