[Asia Economy Reporter Jeon Jinyoung] Swiss watch brand 'Hublot' has announced a price increase effective from the 1st of next month. The French jewelry brand 'Chaumet,' famous for its wedding bands, is also planning a price hike, deepening concerns among prospective couples.
According to industry sources on the 9th, Hublot will raise prices starting next month. This is the first increase in four months since December. Hublot stated, "This price increase will be adjusted according to the Swiss franc's reference exchange rate," adding, "Due to rising raw material costs, prices will increase uniformly across all stores worldwide." For example, the Big Bang Unico 42mm, known as the 'Cha Eun-woo watch,' is expected to rise from a retail price of 27 million KRW to around 32 million KRW.
Chaumet, famous for the 'Song Hye-kyo ring,' also announced a price increase scheduled for mid-March. The brand had already implemented a 2-3% price increase in January. The upcoming increase is expected to be around 10%. Bestsellers such as the 'Be My Love' and 'Liens' lines will also be subject to the price hike.
As the wedding season approaches, jewelry brands are expected to continue raising prices. Tiffany & Co. raised prices on major products by 5-12% in January, and Boucheron and Chopard have also joined the trend of price increases.
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