The luxury fashion house Chanel has decided to increase the price of some of its bags, marking the fourth increase in just one year.
At Chanel, the price hike means that some of the label’s products cost up to twice as much as they did before the 2020 pandemic. Analysts at Jefferies Group estimate that Chanel has increased handbag prices by an average of 71%, while in Hong Kong a small, classic Chanel bag costs 96% more than it did in late 2019.
The bags affected by the price hike are the Chanel Coco Handle, the Chanel Business Affinity and the Chanel Boy Bag with Handle. The former in particular will now start at €4,364. But not all handbags will suffer the same fate. The majority of the coveted classics will be spared, and will continue to retail at their current prices.
The French fashion house is not the only luxury brand to have increased its prices during the pandemic. Indeed, many brands have opted for the same strategy in order to protect their margins and to counter the rising costs of transport, logistics and raw materials.
In a statement Chanel explains, “What has been implemented is not a price increase, but a harmonisation of the prices of our entire in-store offer, a principle we have been applying since 2015 and which aims to avoid excessive price disparities between the markets where we are present.”
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Featured photo: © Chanel
