Chanel handbag advertisement

The cost of some of Chanel's sought-after bags are rising | Source: Chanel

Chanel Increase Prices, Again

If you’ve been saving for a Chanel handbag you might have to keep on saving, as the luxury label increased its prices for the fourth time in 12 months.

This price hike now means that some of the label’s signature handbags cost up to double what they did before the pandemic in 2019. Analysts at Jefferies Group estimate Chanel has increased the prices of handbags by an average of 71 per cent, while in Hong Kong a small classic bag from the label costs 96 per cent more than it did at the end of 2019.

On the bright side, not all Chanel handbags styles will be seeing a price hike. And the majority of the highly coveted Classics will be spared, and continue to retail at their current prices.

The bags that will be impacted include the Chanel Coco Handle, Chanel Business Affinity, and Chanel Boy Bag with Handle. The Chanel Coco Handle will now begin at A$6,485 for a mini bag, A$6,755 for the small, A$7,431 for the medium size and A$7,975 for the large.

Chanel Mini Coco Handle | Source: Luxaholic

The business affinity style now retails for A$6,220 in the small size, A$6,627 for the middle size and A$7,170 for the large. The backpack retails for A$6,766, and the small and large shopping bags at A$6,630 and A$7,172 respectively.

Chanel Medium Business Affinity | Source: Fashionphile

The boy bag style now begins at A$9,067 for the small and A$9,744 for the medium size.

Chanel Boy Bag with Handle | Source: Purseblog

The fashion house isn’t the only luxury label to increase its costs during the pandemic, with many raising prices to protect margins and counter rising costs of transport, logistics and raw materials. However, Chanel has been the most dogged of the labels, with many critiquing the decision as an attempt for the brand to reclaim its exclusivity.

The label dismisses this take, and released the following statement:

What has been implemented… is not a price increase, but a harmonisation of the prices of our entire in-store offer, a principle we have been applying since 2015 and which aims to avoid excessive price disparities between the markets where we are present.

Chanel

With this continued price increase many are finding themselves priced out of the market, and are instead looking to luxury pre-owned resale sites to purchase a coveted bag.

There is no word on when the next price hike will come, but consumers are feeling confident there will be another increase.

Join The Rich List

Receive the beautifully curated selection of what's trending in luxury with inside stories and tips from our experts

You may also like

Pin It on Pinterest

Share This

Love our content?

Share this post with your friends!