On Tuesday, in conjunction with the Olympic Games in Paris, Jio Financial Services launched its JioFinance app worldwide. The corporation has made this smart decision to accommodate the large number of tourists, particularly those from India, who are visiting the city.
Using the JioFinance app, customers may pay digitally at popular Parisian attractions. On the official website, Indian travelers can purchase tickets for the Eiffel Tower and also shop at the world-renowned Galeries Lafayette department store using it.
India House, a Parisian tribute to Indian tradition and culture, was created by the Reliance Foundation in collaboration with the Indian Olympic Association; the firm has set up shop there as well. Here, guests may check out JioFinance’s app in action at an experience center the company has put up.
VISA and JioFinance Joined Hands for This Initiative
With the help of Visa, the official payment partner of the 2024 Paris Olympics, JioFinance plans to improve the digital banking experience for customers in India. The app’s main features include a digital bank account, easy bill pay and recharge, rewards, insurance broking, and a consolidated view of an individual’s holdings across all of their bank accounts. It also offers instant UPI payments and more.
According to the filing, “We’re proud to announce the entry of the JioFinance app in the French capital, making it convenient for Indian travelers to transact digitally at key Parisian landmarks.”
The Goal Behind Developing JioFinance
An all-inclusive digital banking experience is what the JioFinance app aims to provide. “Our goal at JioFinance is to provide all Indians with a superior digital experience throughout their entire financial journey,” the business stated.
According to an official statement released by the company, the application is designed to accommodate users with varying degrees of experience with financial technology, making it possible for them to effortlessly manage their finances at their fingertips.
JioFInance provides several features, including instant UPI payments, a fully digital bank account, wallet services, bill payment and recharges, rewards, insurance broking, and a single-window view of an individual’s holdings across all of their bank accounts.
Other Ventures of JioFinance
To provide wealth management and broking services in India, Jio Financial Services and BlackRock, a US-based firm, announced earlier this year that they have formed a 50:50 joint venture.
Digital insurance for cars and two-wheelers, loans against mutual funds, and intentions to investigate property and security loans are some of JFS’s other recent offerings.
Jio Financial Services’ net profit for the June quarter was INR 312.63 crore, up from INR 310.63 crore in the previous quarter. As compared to the same period last year and the quarter ending March 31, the company’s overall income for the quarter ending June 30 was INR 417.82 crore, up from INR 414.13 crore.
Paris is famous for being one of the most popular fashion cities. It is often regarded as the fashion capital of the world. The moment we hear about Paris, the first things that come to mind are Eiffel Tower and Persian fashion. But this beautiful city has much more to offer.
Paris is home to many flourishing startups. It has the most innovative ideas, creative people, and technology. The tech sector in Paris is super dynamic and has a great spot in Europe’s entire tech ecosystem.
Among Europe’s best startup hubs, Paris stands among the top three cities. Be it advertising, financial, logistics, food, Paris has now a variety of startups.
In the earlier times, it was quite difficult to set up a business in Paris. But the times have changed now. Today great attention is being paid towards building an advanced technology startup hub.
The development of a great tech sector needs three things. These are great-minded specialists, investment, and a growth-supporting ecosystem. The city of Paris has shown great progress in all these over the years.
The educational system of Paris is one of the most demanding. It offers many entrepreneurial programs. The environment of the city is more progress-oriented than ever before.
More and more startups are now establishing in Paris due to favourable conditions. This has made a great contribution to the economy of France. Thus, over the year, Paris had made great progress in many fields apart from being known as a fashion capital.
Paris Startup Ecosystem
Top 10 Startups in Paris
Paris is now a budding home for many startups. Not only the natives but the people from outside are also interested in establishing startups here. The following are some of the top startups in Paris:
PayFit
Founder: Florian Fournier, Firmin Zocchetto and Ghislain de Fontenay Founded: 2016
PayFit – Top Startups in Paris
It is one of the most popular startups in Paris, launched in 2016. Florian Fournier, Firmin Zocchetto and Ghislain de Fontenay are the founders. It is a cloud-based software for the management of payrolls. This makes the process easy and efficient and thus, increases the productivity of human resource managers.
PayFit is not based on a fancy concept. But it is a great deal as it helps with the efficiency of the work ecosystem. The startups deal with all the activities of HR. It has its customers in France, UK, Germany, and Spain.
Alan
Founder: Charles Gorintin and Jean Charles Samuelian Founded: 2016
Alan – Top Startups in Paris
It is a digital health insurance startup, founded in the year 2016. Charles Gorintin and Jean Charles Samuelian are the founders. This Persian startup focuses on user experience by providing great quality health plans at reasonable prices.
After 1986, this is the first independent company to get its insurance licensed by the French Prudential Supervisory Authority in France.
Alan has made healthcare in France better and more resourceful. It has even got the status of a unicorn startup.
Founder: Aziza Chaouachi, Yassine Ben Romdhane and Mario Moinet Founded: 2017
Leavy – Top Startups in Paris
Leavy is a startup established in Paris in the year 2017. Aziza Chaouachi, Yassine Ben Romdhane and Mario Moinet are the founders. It is a travelling community and marketplace. It aims to make travelling easy and affordable.
With this app, people can rent their spaces while they are travelling. In this way, they can earn money while being away from home. This Persian startup has made great progress and is an attractive catch for millennials.
Heetch
Founder: Jacob Mathieu and Teddy Pellerin Founded: 2013
Heetch – Top Startups in Paris
Heetch is a ride-sharing company based in Paris, founded in the year 2013. Jacob Mathieu and Teddy Pellerin are the founders of the startup. The main target is the late-night transportation seekers. It is like an alternative to regular taxis.
The drivers of Heetch are available 24/7. So, when public transport lets you down in the middle of the night, Heetch is there to help. One can know about the price before taking the ride and can select the payment method of their choice. With great progress over the years, the company has expanded its services to Belgium, Italy, and more.
Memo Bank
Founder: Michel Galibert and Jean-Daniel Guyot Founded: 2017
Memo Bank – Top Startups in Paris
Memo Bank is a French fintech startup founded in the year 2017. Michel Galibert and Jean-Daniel Guyot are the founders. It is an independent bank for medium and small-sized companies.
This startup helps businesses with banking services and managing their financial flows. This aims to support the growing businesses with their finances in the best possible way. Memo Bank is one of the most popular fintech startups in France.
Kard
Founder: Amine Bounjou and Scott Gordon Founded: 2018
Kard – Top Startups in Paris
Kard is another Persian banking startup, founded in 2018. Amine Bounjou and Scott Gordon are their founders. This startup focuses on teenagers. They believe that most teenagers deal in card payments and for that, they have to borrow their parent’s cards. So, Kard enables teenagers to have their debit cards and enjoy banking services.
Kard enables teenagers to have their bank accounts. Parents can add money for children and let them spend accordingly. This empowers the youngsters with banking experience according to their needs and gives them control over it.
Yubo
Founder: Sacha Lazimi, Jeremie Aouate, and Arthur Patora Founded: 2016
Yubo – Top Startups in Paris
Yubo is a social networking app based in Paris, founded in 2016. Sacha Lazimi, Jeremie Aouate, and Arthur Patora are the founders. The app focuses on youngsters aged between 13 to 17. This enables them to make new friends and create a healthy community.
It allows the users to chat, play games, and also live stream with up to ten friends. The app enables users to make friends all around the world.
ManoMano
Founder: Christian Raisson and Philippe de Chanville Founded: 2012
ManoMano – Top Startups in Paris
ManoMano is a startup founded in 2012 in Paris, France. Christian Raisson and Philippe de Chanville are the founders of the startup. It is an online platform for home, gardening, and DIY products.
It might sound small but the company has made great progress and earned huge profits over the years.
Meero
Founder: Thomas Rebaud Founded: 2016
Meero – Top Startups in Paris
Meero is a Paris-based startup founded in 2016. Thomas Rebaud is the founder of the platform. It provides photography services using algorithms of Artificial Intelligence and Machine Learning.
Meero helps photographers to follow their passion and establish their profession. It provides a platform for photographers to get clients. In this way, the photographers get work and clients get their work done in an easy manner.
Ledger
Founder: Eric Larchevêque, Joel Pobeda, Nicolas Bacca, Thomas France Founded: 2014
Ledger – Top Startups in Paris
Ledger is a provider of security solutions for digital wealth. The company was launched in the year in 2014 by Eric Larchevêque, Joel Pobeda, Nicolas Bacca, and Thomas France. The company provides infrastructure and security to the consumers and investors of digital assets.
With the rise in the concept of cryptocurrency and other digital assets, Ledger has become super popular.
Conclusion
The above-mentioned startups show the growth of the startup industry in Paris, France. Paris has great advantages in its pockets. These are exquisite food and wine, great history, beautiful views, exclusive fashion, and more.
Now, Paris is not only known as a fashion capital but also a great hub for technology. It has startups for banking, HR, social networking, finances, healthcare, and more. Thus, Paris has flourished well in technology and has more to offer in the future.
Louis Vuitton – The King of Clothing brands, was established in Paris nearly two centuries ago. Louis Vuitton is among the world’s oldest and most successful luxury brands. It is one of the most prestigious labels in the world of luxury fashion.
Louis Vuitton, as an organization, is estimated to be worth nearly $30 billion, and its products are available all over the world. A huge boom occurred between 2006 and 2012 when it was named the most valuable luxury brand every year. A fashion powerhouse, Louis Vuitton is one of the most valuable brands in the world. Louis Vuitton products are handcrafted from high-quality materials and reflect the high-end side of fashion. It has a steep price point that makes it unaffordable for most people.
Strong craftsmanship and distinguishing features make it easy to judge authenticity while Louis Vuitton replicas travel around the world. A handbag’s authenticity can be determined at a glance.
Although replicas are available, real Louis Vuitton remains scarce. Because the originals are expensive and only available in a few locations, they are extremely hard to find. Being scarce creates a strong narrative because it results in desire. A simple wallet is transformed into a desirable commodity by creating a sense of scarcity. The high demand for rare items makes them even more desirable for people.
Every year, Louis Vuitton burns every unsold product to maintain exclusivity and high prices.
Even though there are three main reasons for this practice, it still seems odd to destroy so many products. Louis Vuitton products must continue to be rare and desired. Louis Vuitton, for starters, avoids sales at all costs – they rarely discount anything and want to ensure that ‘everyone gets their products at the same price. So, instead of offering discounts, the brand disposes of unsold pieces by burning them.
To prevent stock malpractices, Louis Vuitton destroys unsold merchandise. Would-be fashion thieves would be deterred if they had a warehouse full of unsold and legacy merchandise.
Due to a ‘duty drawback’ law, Louis Vuitton specifically burns bags in the United States. Supposedly, duty payments can be reclaimed if an item is imported into the United States and then destroyed.
They are divisive and wasteful. Likewise, Louis Vuitton loses potential profits because the bags were a waste of time and effort. It’s a price they are willing to pay for luxury.
Louis Vuitton is not the only one to destroy products
Louis Vuitton bag
Many other luxury brands follow Louis Vuitton’s lead in this regard. Regardless of how absurd it may seem, there are real reasons for this practice, as we’ve explained.
Luxury brand Burberry destroyed 37 million dollars worth of goods in a single year in 2018. This drastic action was taken to “prevent it from falling into the wrong hands.”
To qualify as high-end brands, these companies must maintain exclusivity in their product offerings. Customers will be let down if their products are readily available and sold at reduced prices.
Louis Vuitton destructive practices in not acceptable
Consumption soars as a result of this practice, and people are desperate to buy these products before they are destroyed.
As of 2019, the French government was determined to eliminate these destructive practices. Many of these luxury brands are based in France, and more specifically in Paris. This is one of France’s most lucrative industries.
There is some debate as to whether the positives outweigh the negatives, however, Is it so bad if these products are disposed of in an environmentally friendly manner and the companies pay for the disposal?
According to Louis Vuitton (at least in public), a product is either sold or discontinued at a set price. Everyone pays the same price for an item.
There are also private sales that are held for Louis Vuitton employees, which LVMH employees can occasionally attend.
Every two years, they’ll gather all of the discontinued items in all sizes into a large warehouse and sell them to the employees for a very low price, even at cost! A dedicated team selects the items, which may have been out of print for years. But they’ll continue to do so until they decide it’s no longer worth it to do so any longer. As a result, they will be effectively destroyed!
Your goods will not flood the market and end up in places you don’t like or that are bad for your image if you destroy the remaining stock.
FAQs
Does Louis Vuitton have an outlet?
Louis Vuitton products are exclusively sold in Louis Vuitton stores and through Louis Vuitton official website.
Which country is Louis Vuitton cheapest?
Louis Vuitton is headquartered in Paris, France. The price of Louis Vuitton products are substantially cheaper in Paris.
When was Louis Vuitton founded?
Louis Vuitton was founded in 1854 by Louis Vuitton in Paris, France.
Tripti Agarwal
