Luxury brand price is rising now

With the LV price increase across the board in early May, there is news that luxury brands such as Chanel and Gucci are about to increase their prices. Every year, luxury brands have normal price adjustment measures, around 10%, but this year's increase is much higher than in previous years.

This week, the French headquarters of Chanel announced that it would raise prices globally in May, is ranging from 15% to 19%. According to incomplete statistics, international first-tier luxury brands, including Louis Vuitton , Chanel, Prada, etc., all have price adjustments, which have exceeded the normal levels of previous years. Prior to this, LV had unified the price adjustment of products on the Chinese counters and official website on May 5, and prices generally rose by 5% to 9%.

Taking LV as an example, the price of a Chinese counter for a CANNES bucket bag increased from 17,900RMB to 19,400RMB, an increase of 1,500RMB, or about 8%. The price increase is not just for China. The price of this leather bag on the US official website has also increased from $ 1890 to $ 1980, an increase of about 5%.

Regarding the reasons for the price increase, the Chanel's China team responded that it was mainly due to rising costs. Under the current circumstances, the prices of some raw materials we need have risen again, and these raw materials have been difficult to purchase because of high quality.

On May 13th, a long queue of hundreds of people lined up at the Chanel boutique in Seoul, South Korea. Many people came to the queue at 5 am to buy a wave of luxury goods before the price increase. After the gradual lifting of social isolation, South Korean luxury goods sales have surged compared to other products. Hearing the price hikes, Chanel stores in Beijing, Shanghai, Hangzhou and other places also lined up.

Luxury goods experts said that this year's price increase is actually very sensitive when the epidemic is not over. We think that still hope to maintain sales and increase their profit margins. In the short term, some consumers may be stimulated to consume. 

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