Chanel To Increase Prices in South Korea
Kyung Ho Kim, Oct. 30, 2015, 9:01 a.m.
After lowering the prices of certain products earlier this year, Chanel announced that it will be increasing prices next month. According to industry watchers, Chanel will raise the price of its ’2.55 Vintage’ from 6 million won to 6,390,000 won, and ‘Timeless CC’ from 3,410,000 won to 3,630,000 won, which is approximately a 7 percent increase. Another popular bag, the ‘LeBoy’, will also see a price increase.
However, shoes and wallets, which did not have their prices lowered earlier in the year when bag prices dropped, will now see slightly lower prices. Chanel lowered prices of popular handbags by 20 percent in March, as prices in Europe and Asia differed greatly due to the weak Euro. Chanel officials say that the prices were modified so that the global prices of the products would be similar, emphasizing that they have not increased the prices of popular products.
As Chanel is famous for not lowering its prices, and since prices keep going up, many are buying Chanel products and selling them later to make a profit. Even so, many consumers are shocked at the news of the increase in price. Username uet**** tweeted “Do they think we’re pushovers?”, and blogger ‘You are a pearl’ expressed her sadness by saying “Prices are still lower than before the price adjustment in March but still…it’s sad.”
As the news that Chanel is set to boost prices is spreading through the internet, consumers are rushing off to Chanel stores to buy the products they want before prices go up. Popular products are said to be sold out at most of the stores. Chanel also announced that it plans to regularly adjust its prices once or twice every year.