Say It Isn’t So! Louis Vuitton Has Raised Its Prices
It is getting a whole lots more expensive to buy Louis Vuitton. Last month the luxury brand under the Paris-based LVMH Moet Hennessy Louis Vuitton SA umbrella overseen by Bernard Arnault raised prices in Japan by an average of 12 percent, and there have been similar increases around the world on non-leather handbags, according to analysts at HSBC. The brand raised prices on some of its iconic bags like the Speedy and the NeverFull by about 10 percent at the start of the year.
Vuitton has raised prices by at least 10 percent in the UK and US, and by 5 percent to 10 percent in Asian markets including China, Hong Kong, Taiwan, and Singapore.
It should be noted that Vuitton isn’t the only luxury brand raising its prices. Chanel has hiked up the prices on some of its classic bags by as much as 20 percent. For instance, before the price increase a Chanel classic medium flap bag cost $4,400. Post increase, expect to pay $5,280. Meanwhile Hermès marked up bags, accessories, scarves, jewelry, and shoes by nine percent at the beginning of the year.
Share your thoughts in the comments below! Will this latest round of price increases dissuade you from shopping from these luxury brands?