Pros
Louis Vuitton is the gold standard for luxury accessory retail. To learn their values and the story behind their craftsmanship is truly inspiring, and it can be fun to educate customers about the heritage of the brand. LV is a sterling luxury brand which never goes on sale and only has become more popular in recent years. The products essentially "sell themselves" and there is a nice mix of truly VIP high roller type clients and regular types. It is great to have on your resume and a good experience to have under your belt - it opens doors.
Cons
The situation is what you make of it, but a lot on the retail side depends on who you work for or which store. Because LV is in 50 or so countries much of the running of the stores is done locally and there are little companies that you will be a part of. The executive sales team is very competitive internally. What is a pro of LV - they attract TOP educated talent (Harvard Business School, Wharton MBA's, etc.) - can also be a con. During my time at the company we had several top executives end up running regions of stores with no retail experience with mixed results. As a manager it was challenging to develop my team, there are few tools (because so much is locally run) and I sometimes encouraged associates to leave the brand in order to get more experience.