Chanel Hikes Bag Prices Yet Again—Now Up To 60% Higher Since Pandemic Started

If you’re thinking of getting a Chanel handbag, there’s bad news: the fashion house has raised its prices yet again. 

According to Bloomberg, the luxury brand has increased prices worldwide by nearly two-thirds since late 2019. In fact, analyst Kathryn Parker of Jefferies Group worked out that since then, the price of its small classic flap bag has hiked by 60% to US$8,200 currently.

A company spokesperson said that the upping of prices were due to an “unspecified exchange-rate fluctuation,” as well as the rising costs of production and the balancing act the brand has to pull off to keep prices similar all over the world. 

However, some experts aren’t buying it, and have said that Chanel has been increasing the prices of its products as part of a “strategy” to put them on par with competitors such as Hermès and its iconic Birkin bag. 

Incredibly, as per Complex, a medium flap bag from Chanel (US$8,800) only costs €100 (US$113) less than a Birkin 30 in Togo calfskin. Popular fashion Instagram account, @diet_prada, noted that this is “the brand’s fourth increase since the pandemic started.” Earlier, we have also reported that the luxury label had limited sales to further promote exclusivity. 

For example, customers in certain regions are allowed to purchase a limited number of each type of bag per year. Additionally, the brand is asserting larger control over its secondhand market by trading old-school authenticity cards from NFC-enabled chips that use blockchain technology to track a bag’s sale journey.

If you compare its prices with the 90s, you’re in for an even bigger shock. A design that once cost US$1,150 in 1990 now costs US$7,800. But if the popularity of Chanel is anything to go by, it’s unlikely ardent fans will be put off by yet another price hike and queues will continue to snake outside of its stores globally.

[via Complex & Bloomberg, cover image via Supannee_Hickman / Shutterstock.com]