18 February 2022
A spokesperson for Louis Vuitton in China, speaking to Reuters, revealed that the fashion brand will raise prices this week as a result of increased manufacturing and transportation costs, reports ILM.
The price increases will reportedly affect Louis Vuitton stores worldwide and will cover leather goods, fashion accessories and perfumes.
“The price adjustment takes into account changes in production costs, raw materials, transportation as well as inflation,” the label said.
Bloggers on Chinese social media, without citing sources, have said that the price of some models of handbags such as Capucines and Neverfull, now priced at RMB46,500 (US$7,323) and RMB12,000 (US$1,890) respectively, would rise by 20% or more in China.
Meanwhile, luxury market tracking website PurseBop speculated that increases could appear between 4% at the lower end and as much as 15-18% at the higher end.