{"id":23544,"date":"2014-10-31T20:16:27","date_gmt":"2014-11-01T00:16:27","guid":{"rendered":"https:\/\/biznews.fiu.edu\/?p=23544"},"modified":"2016-05-19T15:16:08","modified_gmt":"2016-05-19T19:16:08","slug":"x-culture-challenge-gives-fiu-students-a-global-profile-and-a-chance-to-consult-for-louis-vuitton","status":"publish","type":"post","link":"https:\/\/biznews.fiu.edu\/2014\/10\/x-culture-challenge-gives-fiu-students-a-global-profile-and-a-chance-to-consult-for-louis-vuitton\/","title":{"rendered":"X-Culture Challenge gives FIU students a global profile and a chance to consult for Louis Vuitton"},"content":{"rendered":"

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Exploring expansion and customer retention opportunities, luxury brand leader Louis Vuitton sought advice from students around the world, and five Florida International University (FIU) College of Business students successfully stepped up to the challenge.<\/p>\n

Working in global virtual teams, students gained firsthand experience in international collaboration and cross-cultural communication through the X-Culture program, a key component of the Academy of International Business-Southeast USA annual conference held in Miami October 23-25, 2014. Now in its fourth year, X-Culture allows students to serve as consultants for high-profile multinational corporations.<\/p>\n

FIU Master of International Business student Alfred Katty was on the winning X-Culture team with students from Brazil, Pakistan, Spain, and Tallahassee, Florida. Another COB student, Telmo Quiroz, was on one of the four finalist teams.<\/p>\n

Louis Vuitton presented two real-life business challenges. <\/em><\/p>\n

The Louis Vuitton X-Culture project began on September 23 when the 64 participating students from 19 countries received their assignments and teammates. They had one month to work virtually, facing obstacles including differing time zones, language barriers, connectivity issues, and cultural differences.<\/p>\n

Louis Vuitton offered two business challenges, including a consumer-focused research project to identify how the company can enhance the in-store client experience as retail consumer traffic trends downward.<\/p>\n

Students learned that Louis Vuitton has been named the world’s most valuable luxury brand, valued in 2013 by Interbrand at $28.4 billion, up from $25.9 billion a year earlier. Sales at the Paris-based conglomerate reached $9.4 billion in 2013.<\/p>\n

\"\"<\/a>The X-Culture teammates met for the first time in Miami at the AIB conference opening. Executives from Louis Vuitton spent several hours with the students, answering questions and sharing in-depth details about the brand\u2019s history, philosophy and growth strategy.<\/p>\n

\u201cAt the core of the brand\u2019s identity are tradition, expertise, audacity, innovation, personalization,\u201d said Fabiane Rouille, area director Caribbean, Colombia and Panama at Louis Vuitton. \u201cThe store is our DNA, it\u2019s where our image is open for everyone to see and where we connect with clients.\u201d<\/p>\n

FIU MIB student Katty and his teammates chose Louis Vuitton\u2019s customer experience project, focusing on the key point-of-sale: the brand\u2019s boutiques. In addition to stand-alone stores, the company sells its products only in lease departments in high-end department stores and via its website.<\/p>\n

Work on the project included interviews with three luxury brand shoppers \u2013 in Brazil, Florida and Spain \u2013 as well as sales representatives from Louis Vuitton, Chanel and Prada.<\/p>\n

\u201cThe interviews enabled us understand why people spend high money on luxury brands, and the in-store customer experience was one of the reasons people returned for more purchases,\u201d said Katty.<\/p>\n

The students also visited Louis Vuitton, Chanel, Gucci, and Prada boutiques in Brazil, Miami, New York, and Spain, getting a clear picture of how Louis Vuitton\u2019s rivals are enhancing their customer experience. They also analyzed reports from McKinsey & Co., AT Kerneay and Euromonitor.<\/p>\n

In the final presentation, Katty\u2019s team recommended that Louis Vuitton establish a loyalty program for customers (LVIP) and create an \u201cLV corner\u201d in some stores, featuring top-line amenities and showcasing Louis Vuitton\u2019s two-year walk from Anchay to Paris, his early days as a trunk maker and how the brand rose to where it stands now.<\/p>\n

\u201cOne of the things the Louis Vuitton executives were concerned with is that many customers don\u2019t know Vuitton\u2019s background,\u201d said Katty. \u201cKnowing the history would make them appreciate the brand. And when they\u2019re in the store waiting, they have something to learn.\u201d<\/p>\n

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Virtual team competition was an \u201ceye-opener\u201d for FIU students. <\/em><\/p>\n

With his team emerging victorious, Katty, who will receive his MIB in December, describes X-Culture as an eye-opener and a huge networking opportunity.<\/p>\n

\u201cI interacted with people from all over the world, with different cultures and different ideas,\u201d he added. \u201cMost importantly, the challenge had to do with giving recommendations to a multinational brand like Louis Vuitton; that\u2019s an incredible opportunity.\u201d<\/p>\n

In addition to Katty and Quiroz, three other FIU students, all in the COB\u2019s MIB program, participated – Valentina Londono, Viviana Espinosa and Salome Micheal.<\/p>\n

\u201cWhen you\u2019re working virtually, it\u2019s easy to get lost behind a computer screen,\u201d said Londono, a banker who will graduate in December. \u201cThis project helped build my communication skills, which are important to ensure the accountability of all virtual team members.\u201d<\/p>\n

COB assistant professor Peter Magnusson, conference chair, pointed out that research is an important component of the international marketing class, with assignments that include evaluating market attractiveness \u2013 precisely one of the challenges that Louis Vuitton presented to X-Culture participants.<\/p>\n

\u201cX-Culture is a real-world application of the lessons and resources we\u2019ve dealt with in class,\u201d said Magnusson.<\/p>\n