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.
Rumours that Chanel will be increasing some prices by 12 percent in South Korea next month have resulted in longer-than-usual lines outside the French luxury house’s boutique in Seoul’s Lotte Department Store on Monday, The Korea Times reports. The line was double its usual length, Yonhap News writes.
The brand’s iconic medium-sized flap bag, priced at 8.64 million won ($7,641) in Korea, will reportedly be $1,000 more expensive next month.
Chanel has not made an official statement on the price change, but several posts have been made on online forums about an upcoming price hike. The brand raised prices of a few pieces twice recently, in May and November of 2020, respectively. The news also points to the country’s thriving luxury market; department sales surged 19.1 percent year-on-year in May, thanks in part to robust demand for luxury brands.
This week, more luxury brands will report first-quarter results, offering clues as to how broad and how deep the downturn is going to get.
Fashion brands are edging in on the world’s largest gathering of design professionals and their wealthy clients, but design companies still dominate the sector, which is ripe for further consolidation, reports Imran Amed.
Blocking the deal would set a new precedent for fashion M&A in the US and leave Capri Holdings in a precarious position as it attempts to turn around its Michael Kors brand.
After preserving his fashion empire’s independence for decades, the 89 year-old designer is taking a more open stance to M&A.