A Several Million Won Increase Overnight Is Basic... New Year Luxury Brand Price Hike Relay

[Asia Economy Reporter Seungjin Lee] Major luxury brands are consecutively raising their prices in the new year. Brands that raised prices 3 to 5 times last year are increasing them again this year, with some products rising by more than 1 million KRW overnight.

According to the industry on the 22nd, the French luxury brand Goyard recently raised prices on some products. Goyard has traditionally implemented price increases in January or February each year. This year's increase rate is between 10% and 14%, higher than the usual 7% range in previous years.

With this increase, Goyard's representative bag, the 'Saint Louis Bag PM,' rose from 1.41 million KRW to 1.62 million KRW, an increase of 210,000 KRW. The Anjou Bag Mini (basic color) increased from 2.26 million KRW to 2.42 million KRW, and the Saigon basic color rose from 3.1 million KRW to 3.55 million KRW.

The French luxury brand Dior raised prices on key products such as the Lady Bag, Caro Bag, and Book Tote by up to 20%. This is about a year and a half since the last price increase in July 2020. Dior's flagship product, the Lady Dior Medium Bag, was adjusted from 6.5 million KRW to 7.6 million KRW, a 1.1 million KRW increase in just one day. The Caro Bag Medium also rose from 5.2 million KRW to 5.7 million KRW, and the Book Tote Small was adjusted from 3.85 million KRW to 4.35 million KRW.

Major luxury brands began raising prices starting in January. On the 1st, the Swiss luxury watch brand Rolex increased prices, with the popular Submariner Oyster 41mm Oystersteel model rising from 11.42 million KRW to 12.9 million KRW, a 13% increase. Hermes also raised prices on bags, wallets, scarves, and shoes by 3% to 10% on the 6th.

Chanel raised prices on some popular handbags, including the Coco Handle, by approximately 10% to 17% on the 11th. Notably, Chanel raised prices just two months after the last increase in November of last year, drawing consumer complaints. Chanel implemented more than four price adjustments last year. The price of the popular Chanel 'Classic Bag' line has all surpassed 10 million KRW.