Louis Vuitton set to raise prices this week as costs rise
BEIJING (Reuters) – Louis Vuitton, LVMH’s biggest fashion brand, will raise prices globally on Wednesday (February 16th) due to rising manufacturing and transportation costs, a spokesman for the agency told Reuters. French luxury goods company in China.
Louis Vuitton, the world’s biggest luxury brand, will become one of the first major brands in the industry to significantly raise prices this year to protect margins from soaring costs.
The price increases will affect Louis Vuitton stores around the world and cover leather goods, fashion accessories and fragrances, the spokesperson said on Tuesday. She didn’t elaborate on the magnitude of the hikes, beyond saying they would vary by product.
“The price adjustment takes into account changes in production costs, raw materials, transport and inflation,” the label said in a statement given to Reuters.
Some bloggers on Chinese social media have said that the price of certain models of handbags such as Capucines and Neverfull will increase by 20% or more in China, without citing sources.
PurseBop, a luxury market tracking website, cited speculation that the increase would be between around 4% on the low end and 15% to 18% on average on the high end.
Throughout the COVID-19 pandemic, luxury goods companies have taken advantage of the growing demand for high-end fashion and accessories to push their brands even higher.
Chanel raised the prices of some of its handbags three times last year, with the popular Classic Flap bag now costing 60% more than before the pandemic in 2019.