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Luxury designer brands such as Louis Vuitton, Chanel, and Hermes have raised criticism in South Korea for the frequency and levels of their price increases.
Since January 2020, Louis Vuitton had raised its prices seven times with the increase rate of its bag reaching almost 50 percent over the past year.
An industry official pointed out that the 50 percent price hike is out of the norm from the usual 5 to 6 percent increase rate.
Meanwhile, Chanel increased their prices on four occasions during the said period.
On Tuesday, Louis Vuitton, Prada, and Bottega Veneta all hiked the prices of their popular products, while Chanel is reportedly reviewing another price increase.
Italian luxury brand Bottega Veneta increased the price of its Mini Jodie bag from 2.29 million won to 2.47 million won, up by nearly 8 percent.
Prada also raised the price of its signature bags by around 100,000 won as Burberry raised the price of its Small Leather TB bag from 2.99 million won to 3.25 million won this month.
Prada, Burberry, and Bottega Veneta were slated to further raise their prices.
The luxury designer brands attributed the price increase to various factors, including exchange rate and wages.
The latest price hike is said to be a domino effect of the high-price strategy implemented by Hermes, Louis Vuitton, and Chanel, which all have strong price negotiation power.
Luxury brands raise prices based on the paradox that products sell better when more expensive since the desire to own intensifies when the item is harder to obtain.
The demand for luxury brand items also escalated due to the COVID-19 crisis, with consumers using money that would’ve been used to travel abroad.
