The initials LV is no small deal (literally) in the world of fashion. The only ones fortunate enough to own a Louis Vuitton are rich people and celebrities. While the other luxury-hungry people make themselves happy with owning the first and the second copy. Apparently, 99% LV bags in the world are nothing but fake copies. But we all must agree that there’s no feeling in the world that can match the joy and pride of carrying a genuine LV bag. Maybe someday when we get good at saving, we can afford one. Well, Louis Vuitton bag starts at Rs 66, 740 and goes up to lakhs even crores. Ever wondered why you never catch an LV sale? That’s because it doesn’t exist!
The brand sells its bags at the same price or not at all. It’s heartbreaking but Louis Vuitton burns its unsold bags and leftover merchandise to maintain the brand’s exclusivity and the label’s value. But that’s evil, right? We know this is disturbing but they have a legit reason for this. Let us tell you why they choose to burn it, over giving it away to charity or recycle it. The first one we have already mentioned – to retain its value. Another reason for LV’s cruel act is law. There is a US law called “duty drawback”. According to this law, if something imported into the country after paying a duty on it is destroyed with customs’ notification, the duty is paid back. And since there is a heavy duty on their bags, up to 15-20 %, (do the math-it is hundreds of dollars) this amount is reimbursed by the luxury brand which helps them in earning extra profits.
Though it is never been said on the record by any member or employee of the brand, rumours are that they conduct an annual sale of the discontinued and unsold goods to its employees at the end of a year. The employees can buy the products at heavy discounts. The company officials keep a strict eye that these products are not sold on sites like eBay. However, as sad as it may sound, they do destroy the unsold bags after the sale for the employees’ end.
For interesting entertainment and lifestyle videos from InUth, follow us on Youtube.com/InUthdotcom