LUXURY BRANDS RAISE PRICES

According to Reuters, Louis Vuitton will raise prices globally on February 16.

Louis Vuitton will become one of the first luxury brands to raise prices widely this year to protect profits as costs soar.

Should Luxury Brands raise prices? / ph: pexels 

Some bloggers on Chinese social media revealed that the price will increase by about 20%.  However, the information does not have an official source.

PurseBop, a website that tracks the luxury market, speculates that the price rising will be around 4% at the lower-end segment and 15-18% on average at the high-end segment.

Lately, luxury brands are taking advantage of the increasing demand for luxury goods to make their brands more upscale.

Chanel raised the price of its some handbag models three times in 2021. The Classic Flap bag is currently priced at $8,200 which is 60% higher than pre-pandemic prices in 2019.