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After Chanel, Louis Vuitton to increase price tags globally on leather, perfumes and accessories
LVMH announced that the brand Louis Vuitton will be increasing its prices globally. Here's all you need to know.
Luxury fashion house Louis Vuitton has announced that the brand will be increasing its prices soon. According to a Reuters report, a spokesperson from China told the agency that due to an increase in manufacturing and transportation costs, the prices were likely to rise.
The world's biggest luxury fashion chain will be the second luxury brand to increase the price of its luxury goods after Chanel raised the prices of its handbags to almost the price of Hermes' bag prices. The luxury French fashion house increased the prices of its classic flap bag thrice last year.
LV will be protecting its margins as costs are set to soar. The price hike will be observed in stores worldwide mainly in terms of leather, perfumes and fashion accessory products. While there is no news about the scale of the increase in prices, the hike will be made taking into account everything from production costs, transportation, inflation and raw materials.
Louis Vuitton is yet another example of how luxury fashion houses are taking advantage of the increase in demand for not just high-end but also luxury fashion products ever since the Coronavirus pandemic struck. Speculations are that the brand would increase its prices by a minimum of 4% but can go up to an 18% hike.
What are your thoughts on this? Would you still invest in the brand after the hike? Comment below and let us know.
