Dior Raises Prices Three Times Over 18 Months
Jewelry and Watch Brands Also Join Price Increase Trend
The French luxury brand 'Christian Dior' has adjusted its prices for the second half of this year. Following Dior's price adjustment, other luxury brands such as Herm?s, Louis Vuitton, and Chanel are expected to join the price increase trend.
The French luxury brand 'Christian Dior' has initiated price adjustments for the second half of the year. The increase rate is reported to be up to 15%. [Photo by Christian Dior]
According to industry sources on the 5th, Dior reflected the price increases of popular products on its official website that day. The rate of increase is up to 15%. As a result, the price of Dior's signature product, the 'Lady Bag,' is approaching 10 million KRW.
The mini size of the Lady Bag rose 7.1% from 7 million KRW to 7.5 million KRW, and the small size increased 9.3% from 7.5 million KRW to 8.2 million KRW. This price increase by Dior comes one year after the last adjustment in July of last year. Dior had raised prices twice in January and July of last year.
In January of last year, when the increase rate reached up to 20%, the medium size Lady Bag drew attention by jumping 1.1 million KRW at once, from 6.5 million KRW to 7.6 million KRW. This means prices have been raised three times over 18 months.
Industry insiders predict that other brands are also likely to raise prices in succession. The Italian luxury brand Bulgari is reportedly planning to increase product prices by up to nearly 7% domestically as early as the 10th.
The French luxury brand Celine raised product prices once in March and then increased the prices of accessories such as wallets by an average of 15% last month, just three months later. Prada's product prices rose 5-10% earlier this year, followed by a price increase for Bottega Veneta products in May.
As luxury brands continue to announce price hikes one after another, attention is focused on Chanel, which has raised prices three to four times annually.
Chanel raised prices three times in 2020, four times each in 2021 and last year, and adjusted prices of major popular products in March and May this year. The price of Chanel's representative product, the ‘Classic Flap Bag Large,’ is currently 15.7 million KRW, approaching 16 million KRW.
Jewelry and watch brands have also joined the price increase trend. Jewelry brand Tiffany raised prices by an average of 6% last month, and Van Cleef & Arpels increased product prices by about 5-10% in May.
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