The demand for Chanel products has always exceeded its supply. Therefore the luxury brand has consistently raised the prices of its core collection, as well as its seasonal pieces. While the prices of Chanel will continue to rise – they will forever remain a status symbol, and these timeless pieces will never go out of style.
Chanel Classic Flap Handbag
The Chanel Classic Flap handbag remains one of the most popular luxury handbags on the market. The medium-sized Classic Flap is the most sought-after size bag within Chanel’s core collection. Consequently, this classic bag is subjected to huge price increases (sometimes multiple times a year).
Back in the 1990s, the price for a Medium Classic Flap bag was $1,150. This exact same bag is now available in boutiques for an eye-watering $10,200. That’s a whopping 787% increase in the price over thirty years.
Chanel 22 Handbag
More recently launched in the Spring Summer 2022 Ready-to-Wear collection, the all-new Chanel 22 bag was an instant hit. This functional and modern design is a fresher look for Chanel. Highly coveted by celebrities and influencers, the Chanel 22 bag has been seen everywhere. Currently available in multiple sizes and color-ways, this casual bag works for the everyday woman.
During its initial release, the medium-sized Chanel 22 handbag cost $5,300. Unfortunately, since its debut, the Chanel 22 has been subject to price increases. The handbag is currently available in boutiques for $5,800. That’s a 9.4% rise in price, in just the past year.
Chanel Top Handle Mini
Currently one of the most coveted handbags available at Chanel – is the Mini Flap with Top Handle. First launched in early 2021 it’s easy to see why. A twist on the Classic Mini rectangle bag – the top handle variation provides, well . . . variation in how you carry it.
As with the majority of Chanel’s handbags, prices for the Mini Flap with Top Handle have risen. It was $4,300 when originally released. Following the most recent price increases, it now retails for $5,400. The classic mini rectangle is currently priced at $4,900. That’s an extra $500 for the addition of the top handle. And we doubt that this is the last price hike for this mini classic bag.
This chart illustrates how prices for these handbags have changed so far in 2023..
|Chanel Bag Styles||Previous Price February 2023 (USD)||New 2023 Prices (USD)||Price Increase (USD)||Increase (%)|
|Medium Classic Flap||$8,800||$10,200||$1,400||15.9%|
|22 Shiny Calfskin||$5,300||$5,800||$500||9.4%|
|Top handle Mini Flap||$4,300 – 2021||$5,400||$1,100||25.5%|
Chanel Classic Slingback
A timeless shoe, synonymous with the house of Chanel has to be the classic slingback. Originally introduced in 1957, the slingback was later re-designed by the late Karl Lagerfeld. First seen on the runway of the Autumn Winter Ready-to-Wear collection; a new classic was born. Karl Lagerfeld’s revived slingback is not only a tribute to Gabrielle ‘Coco’ Chanel but a nod to the luxury house codes.
In early 2017, the price for the slingback started at $700. Since the inevitable price hikes, they now retail for $1,050. With a 50% increase since 2017, we are certain the price rises won’t stop here. Despite this, the classic slingback remains a must-have for any Chanel lover.
Another iconic piece of footwear from Chanel has to be the two-tone classic ballerinas. Crafted in butter-soft lambskin leather, the ballet flats feature the interlocking CC we all know and love. While there is currently a popularity revival of the ballet shoe style, this forever design will remain a timeless classic.
In 2008, the lambskin variation of ballerinas cost $550. Nowadays, this classic shoe will set you back $925. Just shy of $1000, these shoes have increased an eye-watering 68%. While the quilted calfskin variation now retails for $975.
Another one of Karl Lagerfeld’s masterful moments was during the Spring Summer 2014 Couture show, which saw the runway clad with candy-colored sneakers. A bold move at the time – Lagerfeld put everyone into a sneaker frenzy. Perfect for those sports luxe-inspired outfits, and for running errands, Chanel sneakers are ideal for everyday wear. The price tag has risen several times.
A pair of these luxurious sneakers will now set you back $1,200. While previous releases a couple of years ago ranged from $600 – $800. Most certainly some of the hottest sneakers available in the luxury world – Chanel sneakers continue to be a popular choice despite the price continuing to creep higher.
This chart illustrates just how much prices for these Uber-popular shoes have stepped up.
|Chanel Shoe Styles||Previous Prices (USD)||New 2023 Prices (USD)||Price Increase (USD)||Increase (%)|
|Slingback in Goatskin & Grosgrain||$700 – 2008||$1,050||$350||50%|
|Ballerinas in Lambskin||$550 – 2008||$925||$375||68%|
|Suede Calfskin Sneakers||$1100 - 2021||$1,200||$100||9%|
Where is the best place to buy Chanel in 2023?
With prices continuously going up, it raises the question – where is the best place to buy Chanel? Currently, as a US citizen, it is still slightly cheaper to shop for Chanel abroad. If you’re planning a shopping trip to Europe anytime soon, you’re in luck. Whether you have booked a weekend away in Paris, or an extended stay in London – you can enjoy some savings while shopping in Europe.
We say “some” savings because Chanel’s international pricing strategy is global harmonization. That is, making prices virtually the same worldwide. It’s not a perfect balance but it comes close.
However, you can still benefit from the 12% VAT refund while shopping in Europe. Utilizing the VAT refund you are likely to save a few hundred euros. Of course, this advantage may dissipate upon return home with your customs declaration. The duties assessed after declaring your goods at customs, could approximate the VAT refund. Despite this, the allure of a shopping trip in Paris, and the white boxes from Rue Cambon make it worthwhile.
Will the prices at Chanel continue to rise?
Chanel lovers are quite familiar with that sinking feeling when SAs begin removing and replacing price stickers from products. It means it’s that time again – a price increase is looming. Just recently in March 2023, we saw another huge hike. The Chanel Classic Flap in medium price increased by 16% to over $10,000.
Due to the sheer frequency of the price hikes, many luxury buyers are no longer surprised. But can Chanel keep justifying their huge price increases? While the prices continue to rise to eye-watering levels, there are many fans of the brand that can no longer stomach the price tag. Nevertheless, complaints notwithstanding, the vast majority of Chanel’s clientele will endure the rising costs.
Truthfully, if you love Chanel, you love Chanel and likely will continue to buy despite the pricing. You might purchase fewer items, less frequently, but Chanel is counting on your continued fandom. After all, who can resist that iconic double CC?
And don’t be surprised if there are further Chanel price hikes, even later this year. Chanel’s chief financial officer, Philippe Blondiaux, has shared some insights into the consistent price inflations. Blondiaux shared that “We usually revise our prices twice a year. That’s what we’ve always done and will continue to do“.
In other words, hold onto your wallets and those Classic Flaps tightly!