Practical and immersive learning on the LVMH Retail Tour
16 de May de 2019
16 de May de 2019
Three students from EAE Business School formed part of group of eighteen students in total from Madrid's best business schools to take part in the LVMH Retail Tour, created to give them an insight into the retail world of the brands of the international French conglomerate. Paula Rodrigo (PR) and Carmen Corrales (CC), from the Master in International Business and Management, and Denise Goldstein (DG), from the International MBA share their experience of the event organized by LVMH Spain.
What did it mean to you to take part in the LVMH Retail Tour?
(DG) "Participating in this experience has given me a great insight into one of the world's largest luxury companies from a really different perspective, with the opportunity to get to know each of the brands and their values in a comprehensive way". In Denise's opinion, taking part in the activity "enhanced my personal interest in the sector. It is really valuable taking part in these experiences because you have the chance to get a more in-depth knowledge of different factors of the group and the brands, revealing some of the most important aspects involved in making the business a reality".
Paula Rodrigo also really enjoyed the experience, saying that it was really different and something that not all schools have the opportunity to do. Carmen Corrales described the tour as rewarding, adding that "the chance to get to know a bit more about an industry that I am passionate about was incredible, visiting the stores and gaining an insight into the reasons behind each detail, how the shopping process works and the type of customers they have".
The participants visited some of the luxury giant's stores in Madrid. Tell us about the event.
"The tour took us around different points of sale in the department store El Corte Inglés (Louis Vuitton, Tag-Heuer and Loewe), and gave us an overview of their retail strategies, before moving on to new exclusive premises (Dior and Bulgari), and finally the Loewe's flagship store" explained Denise. From each of the brands, the store manager highlighted the aspects that make them unique and special, emphasizing different perspectives, such as the importance of the product itself, its sale, the impact of the Creative Director, their humanist spirit and opportunities for professional development.
What did the tour involve?
Carmen Corrales underlined the diversity of the tour. "At each of the retail stores retail, they described the most frequent type of customer and the shopping process, as well as explaining a bit more about the products and the reason behind the prices they charge".
What aspects grabbed your attention most?
Paula Rodrigo described the experience as incredible, explaining that "thanks to the tour, we saw the importance of retail for this sector and interesting sales tricks and anecdotes that made the whole event really enjoyable". However, the aspect that most grabbed Denise Goldstein's attention was the "human quality, the people's professionalism and charisma, their passion and great energy when sharing their experiences and knowledge with us, all with a great deal of dedication. Moreover, I was really impressed by Casa Loewe and all its details, its unique character and the new experience it offers with the aim of setting its identity and product apart".
The aspect of the Retail Tour LVMH that most attracted Carmen Corrales's attention was the human talent that the Group hires. "They have to choose people with a passion for the world of fashion and luxury, rather than people who are just looking for a job".
You spent the day with students from other business schools. Tell us about the experience.
(CC) "The group was really well matched. In other words, we all had common interests. In general, everybody's interest was clear to see throughout the tour". Denise found its really interesting to find out everybody's approach when making enquiries and having conversations, "feeding off each other's knowledge and shared interests". Paula Rodrigo emphasized the "value of getting to know students from other schools, some from areas really different from mine and others more similar. It made the tour even more rewarding".
With respect to the people you met working for the different LVMH brands, what was the message they gave that made the biggest impact on you?
(DG) "Each brand has its own identity and the people that represent them also convey the uniqueness and values that characterize the brands. One of the messages that most grabbed my attention was the importance of convergence between the products, premises and people. Every physical and spiritual detail is equally valuable and outstanding". The student on EAE's Master in International Business also highlighted the "commitment to stay true to the company's history, its adaptability in response to new needs, markets, products and the Creative Directors who bring new visions while preserving the company's DNA and tradition".
Paula emphasized the importance of retail in the luxury fashion sector, because "although all the departments overseen from the offices are updated and have a well-equipped, skilled team, the key to success in this industry comes from the stores, the quality of the product and, most importantly, the quality of the customer experience".
Carmen Corrales was pleasantly surprised by the store manager at Louis Vuitton (El Corte Ingles in Paseo de la Castellana) "because she was a really well-qualified person. She spoke 5 languages and has worked for the company for a long time. You can tell that she really enjoys her job. I really like to see people enjoying their day-to-day work".
What expectations do you have of the LVMH Group? Would you like to work for one of its brands?
For Denise, working for any of the group's brands would be a dream come true. "Taking part in activities like this increases my desire and expectations. My professional experience and my studies create a unique combination of business and creativity, and interacting with the world of fashion requires different perspectives, to tackle a sector characterized by continuous transformation".
(PR) "In my opinion, it is a highly prestigious group and lots of students would like to work there. Each of the brands that comprise the group contributes something different and I would love to form part of one of them". Carmen emphasized that it is a "group that keeps on growing and is ambitious in the best possible way, looking to break into new sectors, such as hotels". The MIB student all expressed that working for the group or one of its brands "would be an incredible achievement. Learning what lies behind a brand, being part of all the efforts that are made every day to be able to sell the best products on the market would be a marvellous opportunity. In my opinion, my desire to learn about the market would bring the company enthusiasm and optimism most of all. In addition, from the Minor I have chosen, I hope to acquire knowledge that I can apply in the company".
What do you think you can contribute to a company with an international scope like LVMH?
(DG) "In my opinion, I can contribute my creative and strategic vision and apply it to every detail. I have the experience and the passion for the product itself required to be proactive and generate new ideas and solutions.
To what extent has the LVMH Retail been a learning experience for you?
(DG) "Every experience enables you to learn and even more so when it is a sector that you are passionate about. The tour gave us a complete immersion in the overall concept of luxury and the group, in which each of the brand's experience is unique, unusual and extremely interesting in terms of understanding and gaining a full a multi-sector vision.
(PR) "Having worked in the retail sector and having some knowledge of the luxury fashion industry, for me, it has been really useful in terms of expanding my knowledge and continuing to learn about this sector.
(CC) "I got a first-hand insight into things that people usually only read in books or hear in class. Seeing the employees' perspective was great, as it gave is a better idea of how the business operates.
You are all taking international Masters. What projects do you have at a professional level?
(CC) "Right now, I would like to join a company like LVMH or another firm that would give me the opportunity to learn about the luxury brand sector. Then, I would like to start up my own venture in the fashion world.
(DG) "My projects at a professional level involve an intensive immersion in the fashion and luxury sector, where I can develop differential and innovative strategies, managing areas directly related to the product, within a culture that stimulates continuous development and experience.
Would you like to develop your professional career in any specific country?
(DG) "I live in Madrid and I hope to continue developing professionally in the city. However, any opportunity would be an extremely exciting challenge". Paula Rodrigo has lived abroad and would also choose Madrid as the ideal city to develop her professional career, but wouldn't mind working abroad again in the future.
The El Corte Inglés department store in Paseo de la Castellana was the meeting point and starting line for the Shop in Shop visit to LOEWE, TAG Heuer and Louis Vuitton. The participants on the LVMH Retail Tour then had the chance to discover the customer experience in Casa LOEWE (Calle Serrano), before moving on to Calle Ortega y Gasset to see the application of digitization in brands such as Bulgari and Dior. The LVMH Retail Tour finished with the participants enjoying a taste of the world-famous champagne Moët & Chandon.