In yesterday’s news, The Straits Times published an article on shoppers queuing outside a CHANEL store in Seoul, hoping to buy bags before they increase in price. According to The New York Times, this price hike will take place globally, and is triggered by the rising cost of raw materials because of the COVID-19 pandemic, and to also harmonise prices across the different markets.
UPDATE: CHANEL Singapore has clarified with us the rationale behind the increase. Scroll down to read.
Here’s what you need to know:
— Price increases is said to range between 5% and 17%.
— They will only affect the classic handbags, 11.12 and 2.55, as well as Boy, Gabrielle, Chanel 19 bags and some small leather goods.
Several reports by fashion sites have shared detailed before-and-after prices of the various pieces. Below are some of the more popular designs, with the new prices (in Euros) taken from Purse Blog. Note that the CHANEL website has removed the prices of the bags — they are likely updating them to reflect the change; so in the meantime, I’ve included the previous prices of the Classic Flap and 2.55 Bags, as recorded in my article from December 2018.
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Armed with this information, do you need to rush to a CHANEL store to buy one before the price goes up? Well, you can’t. The circuit breaker ensures that all CHANEL boutiques are closed until the 2nd of June when the measures lift — unless otherwise stated by the Singapore government; and considering that the increase has already taken place in other countries, you’ll likely see the new prices in effect next month when the stores reopen. If this is upsetting you, get the Large Boy CHANEL Handbag — the price doesn’t appear to have changed.
STATEMENT FROM CHANEL SPOKESPERSON:
“Like all major luxury brands, we regularly adjust our prices to take changes in our production costs and raw material prices, as well as exchange rate fluctuations, into account.
These adjustments are in line with our commitments regarding price harmonisation and ensure we avoid excessive price differentials between countries.
The price of our bags is based on a number of factors that bring value to the bags:
- A style and unique expertise that require the best in creative talent and leatherwork,
- Exceptional creativity to bring life to iconic, immediately recognisable and desirable designs,
- A search for the best in materials, from the selection of leathers to jewellery ornamentations,
- A combination of traditional craftsmanship and technological innovation,
- Intense efforts to ensure the traceability of all raw materials and reduce the environmental footprint of our production processes,
- Manufacturing exclusively in France and Italy, the historical centres for luxury leatherwork.
To elaborate further on renowned expertise and know-how, it is important to us to maintain an unfailing commitment to the preservation of skills and craftsmanship. In these challenging times for our manufacturers and suppliers, it is essential for CHANEL to continue to support them in the best possible way. These craftsmen are the only ones today who know how to make a CHANEL bag what it is: an exceptional item made with the finest materials and the most sophisticated details. Their know-how, which combines tradition and innovation, must be valued. The price offered also corresponds to the value of their exceptional work.”
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