[단독] Chanel ahead of Louis Vuitton… Trendy CC bag price hike

Input 2021.02.25 10:01 | Revision 2021.02.25 10:13

French luxury brand Chanel has raised prices for some of its products. It’s been over a month since we raised the prices of some products last month.

According to the distribution industry on the 25th, Chanel increased the price of the’Trendy CC bag (small flap bag with handle decoration)’ on the 17th by about 5.9% from 6.31 million won to 6.68 million won. The trendy CC bag features a metal panel decoration on the top with Chanel’s English logo (CHANEL), and is a popular product as a gift bag in Korea.

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Chanel explained’exchange rate fluctuation’ as a reason for price adjustment. An official from Chanel Korea said, “According to a’harmonious pricing policy’ that ensures that all customers regardless of region purchase products at a consistent price,” he said, “Avoid excessive price differences between countries when major exchange rates fluctuate. “We are adjusting prices for each region if necessary.”

Chanel raised the price of popular products such as boy bags and classic bags by 5~26% in May of last year, and then increased by 2~3% in November of the same year. At that time, there was an open run situation in Chanel stores where customers who want to buy products before the price went up were flocking before the opening hours of the department store.

This year too, the impression of surprise continued. On the 14th of last month, ’19 flap bag’ red and beige medium were raised from 6.29 million won to 6.43 million won, and’Chanel Coco Handle’ small and medium were increased by 9-10%.

Louis Vuitton also raised the price of some products such as Petit Sac Pla Monogram, Nano Speedy, and Nano Noe on the 23rd by 7-10%. It has been a month since the price of some products such as the Multi Pochette Accesua increased by 20-30% earlier last month. Hermes, Prada, and Dior also raised prices in a row last month.

Despite the continued price hike, the popularity of luxury goods does not seem to cool off. According to the Ministry of Commerce, Industry and Energy, the combined sales of 57 stores of the three department stores (Lotte, Shinsegae, and Hyundai) in 2020 decreased 9.8% from 2019, but luxury goods sales increased by 15.1% from the previous year. It is interpreted that domestic consumers’ desire to consume luxury goods became active as they were unable to travel abroad due to the coronavirus infection (Corona 19) that began last year.

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