Louis Vuitton, the marquee fashion brand of parent company LVMH, has announced it will raise prices globally on Wednesday due to an increase in manufacturing and transportation costs. The news was reported by Reuters.
Louis Vuitton’s price hike comes just months after Chanel announced they were increasing prices. The price increases for Louis Vuitton will be seen across leather goods, fashion accessories, and perfumes.
Prices for bags like the Capucines and Neverfull are expected to increase by 20 percent or more in China. Luxury handbag market tracker PurseBop is predicting a four percent increase on the lower end and 15 to 18 percent increase on the higher end globally.
LVMH reported record sales and profits for 2021, and chairman Bernard Arnault said there would be room for price increases. The demand for global luxury goods has only increased since the world began emerging from the COVID-19 pandemic.