How can you claim it's Louis Vitton when there is no LV?

So...what has been really noteworthy to me is the number of street vendors in this city. They seem to emerge from the gallows when the rain starts and will peddle their umbrellas. They are dressed as gladiators and offer to take a picture with you then ask for 5 Euros (don't worry, I didn't fall for it). Most particularly are the number of vendors selling fake purses. I saw some great knock-offs on the weekend and I should have made my purchase then. They start at 50 euros, but you can quickly negotiate them down to 15 or 20. What I found odd today (probably because it was a Monday and not as busy) is this one peddler who kept telling me the great quality of his purses. However, how does a Louis Vitton not have the LV on it and still be considered good quality. I think that is one of life's great mysteries...at least the mystery of the day.