[Luxury World] Cartier's Iconic Watches Top 20 Million KRW as Luxury Brands Raise Prices
Creatrip Team
2 months ago
Global luxury brands in South Korea have launched a wave of price hikes at the start of the year despite weak domestic consumption. Cartier raised prices across most product lines (except eyewear); small Tank Must and Tank Louis watches rose about 8% to roughly 10.1 million and 20.4 million KRW respectively, while other models saw similar increases. Jewelry and perfumes also jumped, with some fragrances up more than 17%, prompting a surge of "buy-before-increase" demand both online and in-store. Prada, Chanel, Hermès, and Rolex have also adjusted prices—Chanel’s Classic Maxi handbag exceeded 20 million KRW after its increase. Luxury firms cite higher raw material costs, exchange rates, and global pricing policies as reasons, but observers note frequent, large hikes seem aimed at reinforcing scarcity and brand positioning rather than covering costs. South Korea’s luxury market has been growing—about 20 trillion KRW last year and among Asia’s top three markets—supported by affluent local buyers and tourists. While Korean sales and profits for major houses rose, some overseas markets show fatigue: slower demand, rising outlet sales, and growth in the resale market could challenge long-term expansion.
