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.