Fashion houses get into the hospitality business as "experience" becomes the new luxury

There's a new hotel brand coming to the Caribbean and you can bet the shops inside will be top-notch. LVMH Moët Hennessy Louis Vuitton has bought a five-star hotel on the island of St. Barths and is planning to open others in Egypt, Oman, and the Maldives as well as in Paris and Milan. The latter will be right next to Prada’s store. To get to the brand's 45 private villas in the Maldives, guests will have to fly in on a seaplane. LVMH, like many luxury retail brands, is looking to expand its portfolio in order to give its high-end clientele a full, luxurious experience, from clothing and accessories to dining and travel accommodations. LVMH isn’t the only luxury fashion house to get into the hospitality business. Bulgari, Versace, Armani, and Missoni have all been involved with hotel design and ownership. The venture into luxury lifestyle is driven by the fact that Millennials define themselves more by what they do than what they own.