Luxury Brands Raise Prices Again in South Korea Ahead of Holidays
Creatrip Team
3 months ago
Global luxury brands including Chanel, Louis Vuitton and Bottega Veneta have implemented multiple price hikes in South Korea ahead of the year-end holiday season. Despite economic slowdown, steady demand for luxury goods has driven what retailers call “Nth” (repeated) increases this year. Celine raised some bag and accessory prices by about 5%; Tiffany adjusted jewelry prices by roughly 3%, its third hike this year. Chanel raised its ‘Chanel 25’ line by an average of 9% and has adjusted prices several times across 2024. Louis Vuitton, Bottega Veneta, Bulgari and other high-end brands also raised prices in recent months, with some items increasing by double digits. Observers say the pattern can’t be explained solely by currency or material costs; rising prices fuel a “buy before it goes up” consumer mentality, which brands then capitalize on. Critics argue frequent increases in Korea—more often than in some other markets—look like opportunistic pricing. (RPM: resale price maintenance)
