We recently reported on the latest staggering price increase from Chanel, raising the brands price points to a level comparable to Hermes. Surprising as it was to many that the brand should raise their prices for the fourth time since the COVID-19 pandemic began, it is expected that Chanel, alongside other luxury brands, are signalling the value of their products to their target customers. So, what other brands are raising their prices?
Dior
The most recent price increase at Dior has already been taken into effect in the US and Canada, and worldwide locations are expected to follow suit in the first quarter of 2022.
The increase is expected to be between 10%-15% on their carryover collections and top performing styles.
Rolex
Demand for the iconic Swiss watchmaker Rolex's timepieces has dramatically increased over the last 10 years, and as their current production can’t meet the existing demand, they are harder to acquire too. This month, Rolex increased their retail prices by an average of 3.4%. Models from the ‘Classic Watches’ collection, such as the Oyster Perpetual and Day-Date, received a smaller average increase. Yet models from the ‘Professional Watches’ collection, such as the Daytona, Submariner and GMT-Master II saw even larger increases.
Cartier
Due to take place at the end of this month and rumoured to be worldwide, Cartier is introducing a price increase to their most popular collections, the Love and Juste un Clou, between 5%-8%. Other collections, such as Panthère de Cartier and Clash de Cartier, are expected to increase by 12%-15% in 2022.
Tiffany & Co.
Tiffany & Co. have already implemented a substantial price increase this month, effecting collections such as Return to Tiffany, Tiffany Keys and Tiffany Hardware. There are no specific % increases detailed yet, but the Return to Tiffany beaded bracelet is expected to double in price!
Hermes
The industry leading and knowingly less accessible brand is becoming even more so, as Hermes have also raised their prices yet again this month by 3%-10%, in a decision aligned with the brands “global strategy”.
Louis Vuitton
Although nothing has been announced yet, Louis Vuitton raised their price points 5 times last year, so we expect there will be another increase in the coming months!
It has been seen that price hikes ultimately move a lot of frustrated customers to shop with alternative brands. Interestingly, the number of Google searches for Dior increased significantly over the last year, growing to Chanel levels, presumably part due to consumers moving away from Chanel due to their many price increases over that time.
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