It’s official… Chanel admits prices are rising during the pandemic in response to an increase in the cost of raw materials. Moreover, and as we predicted, Chanel’s strategy also is part of its attempt to harmonize prices worldwide. Responding to a Reuters inquiry, Chanel replied (as quoted in the New York Times):
“The price adjustments only regard Chanel’s iconic handbags, 11.12 and 2.55, as well as Boy, Gabrielle, Chanel 19 bags and certain small leather goods.”
“These adjustments are made while ensuring that we avoid excessive price differentials between countries, in line with our commitments regarding price harmonization.”
Read also:
According to Chanel itself, the price hikes as calculated in euros represent a 5-17% increase. The affected collections include Classic, 2.55, Boy, Gabrielle, and Chanel 19, as well as certain small leather goods.
We note that despite Chanel’s statement, our research discovers variable pricing changes. As seen from our charts below, the Classics, Minis, WOCs and Reissue styles have increased between 15%-20% , while the Gabrielle, Chanel 19 and Boy Bag increases are under 10%. The Mini Classic Square Flap has seen the maximum increase of a whopping 25%, while the new medium Boy Bag has seen no increase at all!
News of the price increase resulted in Chanel enthusiasts queueing up outside the store in China, hoping to make a purchase before price increases are announced in that part of the world as (read:Queues in China After Reports of Chanel Price Increases).
Here are the new Chanel prices that hit the EU on Monday May 11th.
| Chanel Mini Classic Flap Style | Old Prices (Euros) | New Prices (Euros) | Increase (%) |
| Mini Classic Flap (Square) | €2,680 | €3,350 | 25% |
| Mini Classic Flap (Rectangular) | €3,050 | €3,500 | 14.8% |
| Chanel Mini Classic Flap Style | Old Prices (Euros) | New Prices (Euros) | Increase (%) |
| Mini Classic Flap (Square) | €2,680 | €3,350 | 25% |
| Mini Classic Flap (Rectangular) | €3,050 | €3,500 | 14.8% |
| Chanel Classic Flap Sizes | Old Prices (Euros) | New Prices (Euros) | Increase (%) |
| Classic Small Flap | €4,550 | €5,500 | 20.9% |
| Classic Medium Flap | €5,150 | €6,050 | 17.5% |
| Classic Jumbo Flap | €5,700 | €6,600 | 15.8% |
| Classic Maxi Flap | €6,200 | €7,100 | 14.5% |
| Chanel Classic Flap Sizes | Old Prices (Euros) | New Prices (Euros) | Increase (%) |
| Classic Small Flap | €4,550 | €5,500 | 20.9% |
| Classic Medium Flap | €5,150 | €6,050 | 17.5% |
| Classic Jumbo Flap | €5,700 | €6,600 | 15.8% |
| Classic Maxi Flap | €6,200 | €7,100 | 14.5% |
| Chanel Wallet on Chain (WOC) | Old Prices (EUR) | New Prices (EUR) | Increase (%) |
| Classic Wallet on Chain | €2,150 | €2,350 | 9.3% |
| Boy Wallet on Chain | €2,340 | €2,390 | 2.1% |
| Chanel Wallet on Chain (WOC) | Old Prices (EUR) | New Prices (EUR) | Increase (%) |
| Classic Wallet on Chain | €2,150 | €2,350 | 9.3% |
| Boy Wallet on Chain | €2,340 | €2,390 | 2.1% |
| Chanel Reissue Styles | Old Prices (Euros) | New Prices (Euros) | Increase (%) |
| Reissue 224 Bag | €4,550 | €5,500 | 20.9% |
| Reissue 225 Bag | €5,150 | €6,050 | 17.5% |
| Reissue 226 Bag | €5,700 | €6,600 | 15.8% |
| Reissue 227 Bag | €6,200 | €7,100 | 14.5% |
| Chanel Reissue Styles | Old Prices (Euros) | New Prices (Euros) | Increase (%) |
| Reissue 224 Bag | €4,550 | €5,500 | 20.9% |
| Reissue 225 Bag | €5,150 | €6,050 | 17.5% |
| Reissue 226 Bag | €5,700 | €6,600 | 15.8% |
| Reissue 227 Bag | €6,200 | €7,100 | 14.5% |
| Chanel19 Sizes | Old Prices (Euros) | New Prices (Euros) | Increase (%) |
| Chanel19 Small Bag | €4,200 | €4,500 | 7.1% |
| Chanel19 Large Bag | €4,700 | €5,000 | 6.38% |
| Chanel19 Maxi Bag | €5,150 | €5,500 | 6.7% |
| Chanel19 Sizes | Old Prices (Euros) | New Prices (Euros) | Increase (%) |
| Chanel19 Small Bag | €4,200 | €4,500 | 7.1% |
| Chanel19 Large Bag | €4,700 | €5,000 | 6.38% |
| Chanel19 Maxi Bag | €5,150 | €5,500 | 6.7% |
| Chanel Boy Bag Sizes | Old Prices (Euros) | New Prices (Euros) | Increase (%) |
| Small Boy Bag | €4,120 | €4,300 | 4.3% |
| Old Medium Boy Bag | €4,480 | €4,700 | 4.9% |
| New Medium Boy Bag | €4,980 | €4,980 | 0% |
| Chanel Boy Bag Sizes | Old Prices (Euros) | New Prices (Euros) | Increase (%) |
| Small Boy Bag | €4,120 | €4,300 | 4.3% |
| Old Medium Boy Bag | €4,480 | €4,700 | 4.9% |
| New Medium Boy Bag | €4,980 | €4,980 | 0% |
| Chanel Gabrielle Styles | Old Prices (Euros) | New Prices (Euros) | Increase (%) |
| Gabrielle Small | €3,600 | €3,900 | 8.3% |
| Gabrielle Medium | €4,000 | €4,100 | 2.5% |
| Gabrielle Backpack | €3,280 | €3,450 | 5.2% |
| Chanel Gabrielle Styles | Old Prices (Euros) | New Prices (Euros) | Increase (%) |
| Gabrielle Small | €3,600 | €3,900 | 8.3% |
| Gabrielle Medium | €4,000 | €4,100 | 2.5% |
| Gabrielle Backpack | €3,280 | €3,450 | 5.2% |
The middle of a pandemic is an interesting time for Chanel to raise its prices. It’s also curious that the notoriously tight-lipped company went public with the information. Despite pointing to the cost of materials and the goal of harmonization, other factors could be in play as well. Perhaps a lack of supply due to stalled production during the crisis is failing to meet demand, pushing prices higher. Or higher prices lead to renewed perceptions of exclusivity.
Whatever the reason, how will Chanel’s increases affect you?
Updated: January 15th, 2021
Comments