[Luxury World] Chanel 'Jenny Ring' Priced in the High 4 Million KRW Range... "Today Is the Cheapest" Department Store Luxury Goods Open Run

Luxury Price Increases Begin with Rolex and Hermes
Chanel (9th) and Prada (15th) Join the Price Hike Trend

At 10:28 a.m. on the 5th, in front of the AvenueL at the main branch of Lotte Department Store in Sogong-dong, Jung-gu, Seoul, a crowd that was not visible just 30 minutes earlier began to line up at the department store entrance. When the announcement "Prepare to welcome customers in 2 minutes" was made, department store employees were seen bustling behind the glass doors, adjusting their attire and straightening their posture.

As the department store's opening time approached, people began to gather one by one, and more than 30 people started to form a long line.
[Photo by Minji Lee]

As soon as the doors opened at 10:30 a.m., a large crowd moved into the stores. The place with the most people was the French luxury brand CHANEL store. Although it was not far from the entrance, some people were seen running to enter the store as quickly as possible.

Since the pre-registration system that assigned waiting numbers before department store opening hours was abolished in July last year, it has become difficult to find people waiting early in front of stores. However, with consumers trying to purchase rare items and those wanting to buy products before price increases, the 'open run' (lining up as soon as the store opens) has reoccurred.

A department store official said, "It is common for luxury brands to raise prices around the end or beginning of the year as an annual event," adding, "Although price increase announcements have not yet been finalized for some luxury brands, and stock cannot be confirmed by phone, more people have been visiting the stores."

Starting with the Swiss luxury watch brand ROLEX, and among the three major luxury brands known as 'Erusha' (Hermes, Louis Vuitton, CHANEL), the French luxury brand Hermes kicked off the price increase rally from the beginning of the new year. Hermes raises prices every January, and many luxury brands have followed suit with domino-like increases since then.

[Image source=Yonhap News]

CHANEL will raise prices mainly on jewelry products starting on the 9th of this month. The 'Coco Crush' ring, known as Blackpink's Jennie's ring, was priced at 4.3 million KRW, and considering the usual increase of around 10%, the price is expected to rise to the high 4 million KRW range. Some watch products, especially those not raised last year, are also expected to see significant price increases. For bags, after four price increases in 2022 and two in February and May last year, with the exception of shoe price increases in October, there have been no recent hikes, so an increase may happen soon.

The Italian luxury brand PRADA will raise prices by about 5-10% starting from the 15th of this month. Initially, the price increase was planned for the 1st of this month, and the 10% discount benefit for VIC (Very Important Customer) was to end, but the plan was changed, delaying the increase by about two weeks. The French luxury brand Dior has announced a price increase for jewelry on the 10th of this month, with an expected increase of about 10%. The luxury jewelry brand TIFFANY&Co. will also raise prices by around 5% starting on the 11th, and Belgian luxury brand Delvaux, Louis Vuitton, and Boucheron are also expected to join the price increase trend.

As the domino effect of luxury brand price increases continues, some online sites are saying "Buying now saves money." Purchasing even a day earlier can save tens of thousands of KRW. Hermes, which raised prices earlier, increased prices by 10-15% across all products except watches, and for some products, prices were raised by more than 43%, drawing consumer complaints. This year's popular summer sandal 'Oran Lizard' rose from 2.54 million KRW to 3.52 million KRW, changing the leading digit, and the 'Evelyne Mini,' known as an entry-level Hermes bag, increased from 2.76 million KRW to 3.05 million KRW, making it impossible to find Hermes bags in the 2 million KRW range anymore.