I'm Kon the Louis Vuitton Don
Bought my Mom a purse now she Louis Vuitton Mom

from Kanye West (Ft. Common) – Better Than Yours Lyrics on Rap Genius

Meaning

Kon is a slang word for a nice and/or slick dude. Don is slang for king. Louis Vutton is a French fashion house that designes many things (shoes, watches, jewellery, accessories, sunglasses, and even books.)
So Kanye’s the king of all things LV. So when he buys his mother these objects, his mom is the LV mom.

This was also a recyled line from “Last Call”

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