Chanel says it will raise prices of goods
French luxury house Chanel says it is increasing prices on its handbags and some small leather goods worldwide to take into account a rise in the cost of raw materials amid the coronavirus pandemic.
In an emailed statement responding to a Reuters query, Chanel said the price increases in euros ranged between 5.0 per cent and 17 per cent.
"The price adjustments only regard Chanel's iconic handbags, 11.12 and 2.55, as well as Boy, Gabrielle, Chanel 19 bags and certain small leather goods," it said.
"These adjustments are made while ensuring that we avoid excessive price differentials between countries, in line with our commitments regarding price harmonisation."
Online speculation of Chanel price hikes prompted face-masked shoppers to line up as early as 5am outside a Chanel store in the South Korean capital Seoul on Wednesday.
Those in line received a numbered entry ticket ahead of the store opening at 10.30am.
Longer than usual lines also formed at Chanel stores in China as people discussed pending price increases, social media posts showed.
Chanel later confirmed the increases, which reflected a rise in some raw material prices.
A representative for the company in Seoul said the firm had raised prices in its French home market on Monday and that other markets would follow.
"In these challenging times for our manufacturers and suppliers, it is essential for Chanel to continue to support them in the best possible way," the Paris-based firm said.
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