LV is pronounced letter-by-letter in English style ('el-vee') even when embedded in Chinese sentences. Common pattern: noun + 的 + LV (e.g. 一个LV的包 'an LV bag').
In Pop Culture
LVLV
Louis Vuitton
Shorthand for 路易威登 (Louis Vuitton). Extremely common in everyday Chinese speech — often more common than the full Chinese name.