Chanel has increased the prices of its iconic handbags and small goods all over the world.
The French fashion house told Reuters in a statement: “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. These adjustments are made while ensuring that we avoid excessive price differentials between countries, in line with our commitments regarding price harmonization.”
Similarly, other luxury brands like Louis Vuitton and Tiffany & Co. have surged the pricing of the products as well. 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.
The brands have been criticised or boosting prices in South Korea as the they will profit off the consumers after news surfaced that social distancing measures in the nation have been relaxed due to less number of coronavirus.