You’ve probably already heard of the shopping frenzy in Seoul that followed after news of CHANEL’s increase in bag prices broke from weeks ago. But are you aware that the same is happening at Louis Vuitton too?
The difference between the increase in prices for goods from the two luxury labels is that CHANEL’s was a one-off event that happens expectedly every couple of years. At Louis Vuitton however, it’s been happening over a span of months under everyone’s noses. The rise in prices at Louis Vuitton was first reported last September, followed by a second-round this February, and another this May — that’s twice in 2020 — which brings us to these prices today.
The total increase on Louis Vuitton’s bags is said to have risen by nearly 14%, between September and May, according to SCMP. Also, from our comparison of prices between February and May this year, it seems that the bag prices are generally raised by 5% (refer to the tables below) on their most popular pieces, or even as much as 10% to nearly 14% for some bags.
Louis Vuitton’s arguably most ubiquitous bag — the Speedy (in varying sizes) and the difference in its price from earlier this year, compared with this May’s in the table below reflects the general 5% increase in prices.
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Besides their classic pieces, most of the label’s best performing and most lusted over new designs from 2019 such as the Multi Pochette Accessories and Pochette Métis have likewise been updated with heavier price tags as well.
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Do note that this new price list of Louis Vuitton’s popular classic bags and new releases are gathered from prices mentioned by individuals on Purseblog’s Louis Vuitton Forum, for the old prices in February, and compared to prices from Louis Vuitton’s US website (where it’s first reflected) for this month’s prices.
While this price increase is first documented in the US, it’s highly likely that the rest of their global boutiques will soon follow. As shown, some of the prices have already been reflected in the label’s exclusive Singapore e-store.
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So, if you’ve been eyeing a bag or two from the luxury label, and you’re bothered by their increase in prices, you can always head over to their official e-store for Singapore, that comes with concierge services, and shop from the comfort of your own home now.
While reasons for the price increase by Louis Vuitton have yet to be announced, analysts have reported that the price hike is likely due to the label’s attempt to make up for lost sales from the fallout of the pandemic, along with the scarcity of premium materials used in their products and increase in production costs.
Louis Vuitton has declined to comment for this article.
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