The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The French luxury house has upped prices for some of its most iconic bag models by 10 to 15 percent in its third round of price adjustments since the pandemic began.
The price increases, which took effect on July 1, boosted price tags on models like Chanel’s Classic Maxi Flap by 15 percent.
Rumours of a price hike saw shoppers in Seoul, Korea, queue up outside Chanel’s boutique in Lotte Department Store earlier this week.
For decades, luxury prices have risen at over twice the rate of inflation and brands typically raise prices once or twice per year in accordance with factors like raw material and labour costs. Harmonising prices across markets — luxury price tags were, for years, significantly higher in key Asian markets like China and Japan — has also been cited as a motive to capture repatriated tourist spending. But in the wake of Covid-19, boosting prices is also helping top luxury players make up for revenues lost during lockdowns and as a result of travel restrictions.
“In line with the commitments made in terms of price harmonisation, these adjustments are made in such a way as to ensure that there are no excessive price differences between the different markets where the brand is present [or] available,” Chanel wrote in an email.
Shares jumped 4 percent following a Milan Fashion Week outing which saw Sabato de Sarno hone the brand’s universality and upscale appeal. Critics were left wanting more in ways both good and bad.
BoF founder and editor-in-chief Imran Amed speaks to veteran modelling agent Chris Gay to understand the shifting power dynamics in the modelling industry and how models can build a career that stands the test of time.
The late designer’s archive of nearly 20,000 pieces ranging from Madame Grès and Schiaparelli to Comme des Garçons and Gaultier is like a ‘real-life backup disk of 20th century fashion,’ writes Laurence Benaïm.
The designer’s first outing this Friday will be a major test for the Italian megabrand and owner Kering.