"While Hesitating, Prices Rose by a Million Won"... Successive Price Hikes at the Start of the Year, with More Increases Announced

A Series of Price Hikes from the Start of the Year by Cartier, Hermes, and Others
Damiani and Tiffany & Co. Also Announce Upcoming Price Increases

From the beginning of the year, luxury jewelry, watch, and bag brands have been implementing a series of price increases, with additional brands announcing plans for further hikes.

Cartier Love Bracelet. Official Website.

High Jewelry Brands 'Damiani' and 'Tiffany & Co.' Announce Price Increases

On January 29, the Italian high jewelry brand Damiani announced that it will raise the prices of all products sold domestically on February 9. The rate of increase will vary by product, but the average is expected to be around 8 to 10 percent. Tiffany & Co., a jewelry brand under the LVMH Group, is also set to raise domestic product prices by 5 to 10 percent on February 26.

Post-Pandemic 'Annual Price Hikes' Become Routine... Cartier, Rolex, Herm?s, and Chanel Also Raised Prices at the Start of the Year

On January 27, the French luxury jewelry and watch brand Cartier also raised its prices. With this increase, the classic Love Ring model (yellow gold and pink gold) rose 7.8 percent from 3,090,000 won to 3,330,000 won. The Love Bracelet Medium model (yellow gold and pink gold) increased from 9,700,000 won to 10,500,000 won, and the Trinity Ring Classic model was adjusted upward by 8.2 percent from 3,420,000 won to 3,700,000 won. Last year, Cartier raised product prices a total of four times, and has increased prices again at the start of this year.

Cartier

Swiss luxury watch brand Rolex raised its prices on January 1. The price of its flagship Submariner Oyster 41mm model rose to 15,540,000 won (a 5.7 percent increase) on New Year's Day, while the Datejust Oystersteel 36mm climbed to 15,630,000 won (a 6.4 percent increase).

On January 5, Herm?s raised the prices of some luxury bags and accessories at domestic stores. Following earlier increases in footwear prices, the scope of the hike was expanded to include bags and scarves. Among bag products, the price of the 'Picotin' rose by approximately 5.4 percent from 5,170,000 won to 5,450,000 won.

On January 13, Chanel implemented a price increase focused on its bag products. As a result, the Classic Maxi Handbag surpassed the 20,000,000 won mark, rising 7.5 percent from 18,920,000 won to 20,330,000 won. In addition, the prices of certain jewelry lines, such as Coco Crush, were also raised by around 5 percent. The French luxury jewelry brand Van Cleef & Arpels increased the prices of its high jewelry products by approximately 6 percent on January 8, while Dior raised its jewelry product prices by about 6 percent starting January 20.

Since the COVID-19 pandemic, annual price hikes by luxury brands have become routine, leading to a perception that purchasing luxury goods is not just consumption but a prudent investment, with the notion that "today is the cheapest day to buy luxury goods" gaining traction.