See inside CHANEL's price hikes.
Price hikes at a time of global economic devastation? It’s happening in luxury. As reported by WWD’s Tianwei Zhang on Tuesday, with luxury shopping reopened in China, some brands are increasing their prices, none more dramatically than Chanel. Rumors across social media that significant increases would soon go into effect sent shoppers racing to Chanel outposts in Beijing, Shanghai, Guangzhou and Hangzhou in search of pre-markup acquisitions.
Chanel is not alone in upping prices in China; Louis Vuitton instituted hikes of 3 percent in March and an additional 5 percent in May.Chanel’s Boy bag. Courtesy Photo Which still doesn’t explain a double-digit percent price increase at a time of global economic catastrophe. It does speak to the confidence of one of luxury’s most storied players in its long-nurtured brand ethos, and in the dedication and trust of its customer base. Curious, I sent some questions to Chanel.
Although the house began its explanation by stating that the COVID-19 pandemic did not factor into the increase, it did reference the pandemic fallout, if obliquely. “In these challenging times for our manufacturers and suppliers, it is essential for Chanel to continue to support them in the best possible way.…The know-how [of Chanel craftsmen], which combines tradition and innovation, must be valued.
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