⚠ Off-Price & Grey ChannelsLow threat

LVMH's refusal to discount protects its price integrity, but that discipline governs only the channels it controls — and a growing share of luxury changes hands outside them. Outlet stores (used more by some houses than others), the booming resale market, and grey-market or parallel-import sellers all put the brand's goods into the world at prices LVMH did not set and would not choose. Every visible discount, wherever it originates, chips a little at the fiction that the price is the price, and the digital age makes these secondary channels more visible and accessible than ever.

The threat is contained rather than acute: LVMH's most important houses keep tight control of their primary distribution and lean hard against outlet culture, and a modest secondary market can even reinforce a brand's value. But the pressure is permanent and slowly growing, and full price integrity is harder to maintain in a connected, resale-happy world — a discipline holding across ~75 houses¹. A low, structural erosion of the no-discount discipline.