No, LVMH has mastered the subtle art of tight rope walking that is the modern luxury industry. The trick is to be a mass market company while keeping the margins of a luxury company and preserving your image as a luxury company.

If you look at the Vuitton catalogue, you will indeed see products which would definitely be seen as luxury goods: the best Italian leathers, costly assembly techniques, products painstakingly handcrafted in places known for their mastery of the craft. All of these a pretty decor to sell perfumes with global appeal (read uninteresting) and overpriced handbags.