While the start of a new year always comes with hope and anticipation for what lies ahead, it also comes with the not-so-good news of price increases from our favorite brands, viz. Hermès and Chanel. As you may recall, Chanel announced staggering price increases around the globe in the midst of the pandemic last May (read: Chanel Price Increase Confirmed for USA: Here are the New Prices 2020).
Hermès prices luckily held steady during the pandemic, but rumour mills are abuzz with the speculation that the annual price increases could be higher than usual and we know are coming soon.
It is standard practice for Hermès to increase prices around this time each year. According to sources, Hermès is gradually and stealthily stripping products from their European website and re-uploading them at prices marginally higher. The phenomena was first observed for wallets and pouches in the small leather goods segment and now includes price increases on bags including the 24/24 and the Bolide bag styles in Europe.
Several items have been reportedly re-uploaded on the European website at prices that are higher by 50 – 400 Euros, falling into a price increase range of under 5% which is standard. There have been no increases reported yet in the “quota” handbag categories viz. Birkin, Kelly and Constance, but we have our eyes peeled for any news on increases and will present them to you as soon as we hear of any changes.
A useful reminder is the fact that the premium a Birkin 30 Togo commands over a Chanel Maxi is down to an all-time low of 9.2%. In 2019, this premium was at nearly 22%. Read: Chanel Price Increases Push the Birkin Premium Down – Here’s How Much!, leading us to believe that a significant price increase by Hermès for the trifecta may just be around the corner.
Update January 16th:
Kelly 32 retourne has gone from 7800 Euros to 8200 Euros
Stay tuned for the latest as it unfolds!
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Photo credit: @iamgpsonh