Chanel CEO Says Price Hikes Driven by Inflation, Craftsmanship [BNN Bloomberg (Canada)]
Unilever PLC (UL)
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Source: BNN Bloomberg
The fashion label, known for its haute couture designs and fragrances, takes account of inflation and its high standards for materials and craftsmanship in setting prices, CEO Leena Nair told Bloomberg's Francine Lacqua in a Leaders With Lacqua interview. “We use exquisite raw materials and our production is very rigorous, laborious, handmade — so we raise our prices according to the inflation that we see,” Nair said. Luxury brands like Chanel have made headlines in recent years for pushing up the prices of their often coveted goods. A classic medium-sized Chanel flap bag, for instance, rose above the €10,000 threshold for the first time in Paris last month. Chanel tends to cater to the most affluent customers, on a par with those of Hermes International SCA or watchmaker Rolex, whose spending power typically remains resilient in the face of slowing economic growth or geopolitical turmoil. Read more: Chanel Flap Bag Now Costs More Than €10,000 in Paris Nair said the brand,
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