Louis Vuitton is apparently planning imminent price hikes across the globe, which isn’t inherently surprising. I mean, one of the world’s most in-demand luxury labels has nothing to gain but more money — and luxury analysts are doffing their monocles in response.
A Beijing-based Louis Vuitton spokesperson told Reuters on February 15 that the French company was planning global price hikes for its leather goods, accessories, and scents two days later, on February 17.
The rep didn’t specify the scale of the price increase but did say that it was spurred by factors that include inflation and the price of raw materials.
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Highsnobiety has reached out to a Louis Vuitton representative to confirm or deny the news but it does seem to have taken effect: for instance, a 100ml bottle of Rose des Vents perfume, which used to cost $240, now costs $280.
LV is presumably following in the footsteps of Chanel, which bumped prices for its handbags in January.
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Other luxury giants, like Hermès, Prada, and Moncler , have also reportedly gotten marginally more expensive though it doesn’t really put a dent in their fortunes.
After all, Hermès pulled in a couple million bucks the first day it reopened from COVID-19 pandemic closures and Chanel is so in-demand in Korea that shoppers are restricted to buying only one bag per person.
Though exclusivity is inherent to these brands’ pricing strategy — luxury brands have always been pricey, duh — supply chain issues wrought by the ongoing pandemic even affect more casual brands, like Supreme.
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Now, this is all well and good, especially for the folks who make their living by tracking the success (and failure, if there ever is any) of these companies.
“Considering the pricing power of Louis Vuitton and the desirability of the brand, we view the price increase as a positive for LVMH,” Barclays analysts told WWD, presumably while digging in to caviar or whatever else luxury analysts do.
Though LV may publicly cite geopolitical and production concerns for the increase, who’s to say whether or not the boost is in response to heightened demand for its products?
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At least from where we’re sitting, it seems like a boom time for luxury labels, regardless of the status of COVID-19 and its variants.
LVMH itself reported billion-dollar profits in 2021 and smashed more records with the Louis Vuitton x Nike AF1 sale, which generated over $23.5m in sales for charity.
