Luxury fashion – the latest Chanel price increases

Chanel Fall-Winter 2020-2021 Paris

Image @Pinterest

Any luxury addict will know that designer brands have several price increases during the year. However the latest price increases to hit the market have sent shock waves around the luxury fashion community. 

What brands are affected?

Chanel has caused the biggest stir with their latest price increase and Louis Vuitton have since followed suit. Chanel are one of the more expensive luxury brands out there and it can be really disappointing when they put their prices up, especially if you have been saving for a while to get your hands on one of their iconic pieces.

It seems that is mainly the Chanel handbags and SLGs that have been affected by the recent prices increases and they actually decided to remove all handbag pricing on their website. The handbags are now showing as ‘prices available upon request’, meaning that you will now have to ask a sales assistant for advice and have no idea how much each piece is beforehand. Shoppers often like to know what they can expect to pay for items in advance, especially when they come with such a large price tag and we all know that the customer service for this brand is certainly not the most helpful or friendliest so this is going to put a lot of people off. 

Now that these two brands have actioned their recent aggressive price increases, we can expect many other brands to follow and do the same unfortunately. So if you have your eye on something from another luxury brand, now would certainty be the time to buy to avoid being stung with a price increase down the line!

What styles are affected?

Louis Vuitton have increased the pricing across their full handbag line. Unfortunately many styles have been out of stock for weeks and even months so if you have been waiting for a long time to buy a particular style, you are now going to face a higher price than before while you remain waiting.

For Chanel, not all handbags seem to have been increased, however it’s mainly the iconic classic styles that have been hit with the new prices such as the 11.12 and 2.55, as well as Boy, Gabrielle, Chanel 19 bags – plus certain small leather goods. The Boy bags took less of a hit but this will be because they are not as in demand as they once were.

What do the price increases look like?

According to Purse Blog, the below are examples of the main price increases within Europe.

Prices will vary depending on what part of the world you buy from, so the USA prices will be often very different to say Paris or London. 

Classic Bag Prices

STYLE NEW PRICE OLD PRICE PERCENT INCREASE
Chanel Classic Mini Square Flap Bag €3,350 €2,680 25%
Chanel Classic Mini Rectangular Flap Bag €3,500 €3,050 14.8%
Chanel Classic Small Flap Bag €5,500 €4,550 20.9%
Chanel Classic Medium Flap Bag €6,050 €5,150 17.5%
Chanel Classic Jumbo Flap Bag €6,600 €5,700 15.8%
Chanel Classic Maxi Flap Bag €7,100 €6,200 14.5%

Reissue Bag Prices

STYLE NEW PRICE OLD PRICE PERCENT INCREASE
Chanel Reissue 224 Bag €5,500 €4,550 20.9%
Chanel Reissue 225 Bag €6,050 €5,150 17.5%
Chanel Reissue 226 Bag €6,600 €5,700 15.8%
Chanel Reissue 227 Bag €7,100 €6,200 14.5%

2-55-handbag

Boy Bag Prices

STYLE NEW PRICE OLD PRICE PERCENT INCREASE
Chanel Small Boy Flap Bag €4,300 €4,120 4.3%
Chanel Old Medium Quilted Boy Flap Bag €4,700 €4,480 4.9%
Chanel New Medium Boy Flap Bag €4,980 €4,980 0%

Gabrielle Bag Prices

STYLE NEW PRICE OLD PRICE PERCENT INCREASE
Gabrielle Small €3,900 €3,600 8.3%
Gabrielle Medium €4,100 €4,000 2.5%
Gabrielle Backpack €3,450 €3,280 4.9%

Chanel 19 Prices

STYLE NEW PRICE OLD PRICE PERCENT INCREASE
Chanel 19 Small Bag €4,600 €4,200 9.5%
Chanel 19 Large Bag €5,000 €4,700 6.3%
Chanel 19 Maxi Bag €5,500 €5,150 6.7%

Why such large price increases?

We all know that businesses around the globe have been affected by the dreaded C word – the recent Covid 19 virus. Factories overseas closed halting production, stores have been closed for a couple of months, sales staff have been put on furlough, and Chanel is a brand that do not sell online. Why they decided not to do this is not clear exactly, but I feel it’s to reduce how accessible they are and to help minimise the distribution of the brand, making them appear to be more exclusive – such as Hermes, one of the most prestige brands out there. It could also be that Chanel have been a little backwards in their acceptance of modern technology and deciding to keep to the more traditional route of luxury selling.

Going back to the Covid 19 situation though – Chanel have issued a statement saying that this is not related to Covid 19 and purely part of their twice yearly increases as well as factoring fluctuating exchange rates. However this is the largest price increase that I have seen from the brand (some styles increasing by a whopping 25% !!) and it has been quite shocking, especially during such an uncertain time.

Chanel stressed that “any price increases are implemented only after careful consideration, and are necessary for the brand to continue investing to maintain its core standards of creativity and craft.”

Final thoughts..

I personally think the price increases were extremely high this time and they’ve come at the worst possible timing with everything going on in the world at the moment. The brands that have had such large pricing hikes are pushing customers further away and making it more difficult for a lot of people to be able to be able to buy from them. Perhaps this is part of their brand strategy which is a shame.

So, what do you think about these latest price increases?

Will it put you off buying from luxury brands?

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