Chanel Boosts Prices on Some Handbags, Small Leather Goods
Chanel has raised prices worldwide on a few of its products to counterbalance the increased cost of raw materials amid the coronavirus pandemic.
The French fashion house told Reuters that price hikes apply to some handbags and small leather goods, with the increases varying between 5 to 17 percent in euros. Chanel told the news agency, “The price adjustments only regard Chanel's iconic handbags, 11.12 and 2.55, as well as Boy, Gabrielle, Chanel 19 bags and certain small leather goods,”
Chanel named the legendary 2.55 handbag after the month and year that it was originally released, with 2.55 standing for February 1955. Creative director Karl Lagerfield’s modernized version of the 2.55 bag was the 11.12. Other luxury brands have seen price surges as well, including Louis Vuitton and Tiffany & Co. While Louis Vuitton Korea has raised prices by 5 to 10 percent on some items, Tiffany’s has hiked prices up to 11 percent for limited merchandise in South Korea. Bulgari has also increased its prices.
While brands blame increased prices on company pricing policy, exchange rate fluctuations, and raw material costs, some believe that these companies are purposefully raising prices so that certain customers will make extravagant purchases after being forced to social distance and remain inside.
Report: Amanda T. Lou
At the rise of Covid-19 many of us first questioned the timeline of fashion week and would we see the regular calendar continue - the question weighed over many of us for months! It was refreshing to see design houses and designers across the globe take advantage of the uncertainty and plow into production mode - thus my interest in Jerri Reid New York - The Black Designer based in Brooklyn New York wow’d instagram with his latest collection paying homage to the Black Is King film which debuted earlier this year in July. I was taken aback at quick of a turn round the young designer produced and released his well crafted designs reflecting some of the films most memorable moments.