Price Increase of 1.59 Million Won Overnight... No 'Chanel Bags' Under 10 Million Won

[Asia Economy Reporter Seungjin Lee] Chanel has raised its prices again after two months. Previously, Chanel increased the prices of major products in February, July, and September. The price of Chanel's representative product line, the 'Classic Bag,' has risen significantly, with all products in this category now exceeding 10 million KRW.

According to industry sources on the 3rd, Chanel raised the price of its best-selling handbag, the 'Classic Medium Flap Bag,' from 9.71 million KRW to 11.24 million KRW, a 16% increase. The Classic Small Flap Bag rose from 8.93 million KRW to 10.52 million KRW, and the Classic Large Flap Bag increased from 10.49 million KRW to 12.10 million KRW.

The Classic Bag line saw a price increase again after a previous hike in July, marking another increase within four months. At that time, the Classic Small rose from 7.85 million KRW to 8.93 million KRW, the Medium from 8.64 million KRW to 9.71 million KRW, and the Large from 9.42 million KRW to 10.49 million KRW. Based on the Small size, the price has increased by 2.67 million KRW over four months.

Earlier last month, rumors spread throughout the domestic and international luxury industry that Chanel would raise prices in November, leading to long queues forming before department stores opened in a phenomenon known as 'open run.' On the 2nd, just before the price hike, hundreds of people gathered at major department stores nationwide where Chanel stores are located.

Regarding the multiple price increases each year, Chanel reiterated that the adjustments are based on the headquarters' pricing policy, reflecting changes in production costs, raw materials, and exchange rates.