Chanel Flap Bag Now Costs More Than €10,000 in Paris [BNN Bloomberg (Canada)]
HERMES INTL SA UNSP/ADR (HESAY)
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Source: BNN Bloomberg
In a sign that some luxury brands are willing to keep pushing prices higher despite weakening demand, Chanel has lifted the price tag of its best-known bag to €10,300 in the French capital. That's up about 6.2% from €9,700 earlier this year. The fashion label behind the No. 5 fragrance typically reviews product prices twice a year, in September and March. The cost of luxury goods in Paris are widely scrutinized since the capital draws well-heeled tourists who shop between museum and restaurant visits and enjoy VAT refunds. “Chanel prices its bags according to their cost price. The price of raw materials and production costs has been marked by constant inflation over the past year, which has led us to adjust our prices in boutiques,” a spokesperson for Chanel told Bloomberg on Wednesday. “This increase will take effect on all markets from 27 March 2024, with an average adjustment rate of 6% in euros,” the person said, adding the rate may vary slightly as the label seeks to limit
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