Louis Vuitton Plans To Raise Prices Globally

French luxury brand, Louis Vuitton, plans to raise its product prices globally starting Wednesday due to increased manufacturing and transportation costs.

The move makes Louis Vuitton the first big label that is increasing prices this year to protect its profit margins. The price hikes are expected to impact the cost of leather products, fashion accessories as well as perfumes.

“The price adjustment takes into account changes in production costs, raw materials, transportation as well as inflation,” the company said in a statement to Reuters.

While the company did not disclose the average percentage increase in the cost of its products, Chinese social media bloggers found the new listing prices for handbags such as Capucines and Neverfull to be 20% higher than before. Other industry sources reportedly anticipate an average increase of 15% to 18%.

The news comes just a month after LVMH’s CEO Bernard Arnault noted that the company had enough room to hike prices in today’s environment as long as the increases are within reason.

Other luxury brands that have increased prices include Chanel, which raised its prices thrice in 2021. For example, Chanel’s popular Classic Flap bag now sells for 60% more than it did before the pandemic, costing a stunning $8,200.

Originally published at https://retailbum.com on February 15, 2022.