Chanel Announces Price Increase For Their Classic Handbags
There is a reasoning behind this unexpected price increase.
This isn't the first time Chanel has made changes to their items' prices. In November 2021, the items affected were the 2.55 and the Timeless Classic bag styles. Now in 2022, news broke that the French luxury fashion house have already increased prices for their Classic Handbag styles.
As of this past Thursday, prices of their signature handbags and spring collection have rose by 6% in Europe, 5% in the U.K., 8% in Japan, 5% in South Korea and 2% in Hong Kong. Customers in the U.S. and China will not be affected by these new changes.
There has been several rises in their items ever since the start of the COVID-19 pandemic. Reasoning behind this includes cost of production and the amount of money needed for raw material pieces.
In an interview with WWD, Bruno Pavlovsky - president of fashion and president of Chanel SAS - explains that these changes aren't because they want to align with the status of Hermés bags. Pavlovsky says, "Hermès bags are great, but I think our bags are very different. The construction of our bags is different, as are the materials." He later added, "It’s because we have a valuable product and this valuable product requires real commitments and real investments to guarantee its existence for the next 20 years."
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