Bulgari Raises Product Prices by an Average of 9% Today (18th)... Fourth Increase This Year

Product Prices Raised 5-11% Ahead of Wedding Season

Bulgari B.Zero1 Ring

[Asia Economy Reporter Lim Hye-seon] Luxury jewelry brand Bulgari raised the prices of some jewelry products by an average of 9% on the 18th, in line with the wedding season.

According to Bulgari on this day, prices of products from the B.zero1, Divas' Dream, and Serpenti lines were increased by 5-11%. The price of the B.zero1 ring (white gold) rose from 2.92 million KRW to 3.2 million KRW, a 9.5% increase, and the Bulgari Bulgari ring (rose gold) went up from 3.85 million KRW to 4.23 million KRW, a 9.8% increase. The B.zero1 necklace price was adjusted upward by 11.2%, from 4.16 million KRW to 4.63 million KRW. The B.zero1 bracelet price also increased from 5.54 million KRW to 5.85 million KRW.

Bulgari has raised prices four times this year alone. In particular, the popular B.zero1 line has seen price adjustments each time, increasing by more than 500,000 KRW compared to the beginning of the year.

Since the COVID-19 pandemic, luxury brands have been increasing prices more frequently. Not only Bulgari, but Louis Vuitton and Prada have raised prices five times this year. Chanel has also increased prices four times this year.

Despite soaring prices, demand for luxury goods is increasing. Luxury sales at Lotte, Shinsegae, and Hyundai Department Stores have grown by more than 40% compared to the previous year. According to Euromonitor, the domestic luxury market is expected to exceed 15 trillion KRW this year. Last year, the size of the domestic luxury market was 14.9964 trillion KRW, showing about 22% growth compared to 12.21 trillion KRW in 2015.