Must be something in the air…or the financial results. Word is that Chanel prices are going up on May 11 in Europe. Reports are that the hike will affect the Classics, Boys, Gabrielles and Chanel 19. As for how much, we hear it could be up to 17%! Remember this follows Louis Vuitton’s second price increase in 2020 on its coveted bags.
It was just six months ago, in November 2019, that we reported Chanel’s last price increase. Prices went up by about 7% at the time in Europe, but increased only 2-3% in the US, narrowing the arbitrage between shopping in Europe vs the US.
The Medium Classic Flap Bag for example, that currently retails for €5,150 in Europe, could see revised prices ranging between €5,510 (7% price increase) and €6,025 (17% price increase). Which is the equivalent to a range of $5,950 to $6,500 at current exchange rates.
With the bag currently retailing at $5,800 in the US, a price increase here too seems imminent.
Stay tuned while we bring the latest on this story as it unfolds.