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France headquartered luxury brand Chanel has announced that it has raised its prices again, the third price increase since the start of the pandemic with latest hike reported to be as much as 15.5%.
Chanel confirmed that the price increase is limited to the brand’s models, Timeless Classic and the 2.55. As seen with a number of the larger global luxury brands, Chanel regularly adjusts prices to take into account changes in production costs and raw material prices, as well as exchange rate fluctuations following attempts by a growing number of brands to crack down on price differences for the same product in different markets and the grey market.
The price boosts come amid other changes at Chanel focused on enhancing exclusivity and addressing the burgeoning resale market for its increasingly expensive bags. Among a number of new initiatives that have been rolled out by Chanel is a new policy – currently in place in the South Korean market, at least – that places limits on the number of bags that customers can purchase per year. Similar quotas also exist for small leather goods, including wallets and pouches, based on a customer wanting more than one of the same model in the category.
Source: The Fashion Law