With nearly all shoppers facing a sense of sticker price shock, some luxury fashion lines are experimenting with new, less pricey products in a bid to remain relevant and attract new consumers.

Louis Vuitton's long-awaited beauty collection hit branded stores and concessions last month, marking the latest iteration for the 171-year-old LVMH -owned luxury titan.

And while the signature scented lipsticks don't come cheap at $160 a pop, it indicates a wider shift among luxury players trying to get more shoppers through the door without diluting their flagship offerings.

"I think this is a very appropriate move," Luca Solca, sector head for global luxury goods at Bernstein, who has extensively studied diversification of luxury brands, told CNBC via email.

"Mega-brands would be wi

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