Luxury Brands Raise Prices Again — Multiple Hikes This Year
Creatrip Team
3 months ago
Several global luxury brands have raised prices multiple times in South Korea this year. Van Cleef & Arpels, Prada, Bvlgari, Tiffany & Co., Chanel and Louis Vuitton all implemented their third or fourth price increases, generally around 3–4%, with some lines seeing higher jumps (Chanel 25 line up about 9.3%). Examples include Chanel 25 small bag (KRW 9.07 million → 9.92 million) and Prada medium nylon backpack (KRW 3.35 million → 3.45 million). Retailers expect the upward trend to continue into year-end and next year as more adjustments remain possible.
