Luxury Domino Prices Rise Since Early Year... Hermes Up to 43.7% in One Year

Hermes to Raise Domestic Shoe Prices from the 1st
Chanel, Louis Vuitton, Prada Expected to Adjust Prices Upward This Month
Rolex Also Increases Watch Prices by 8%

Since the beginning of the year, famous overseas luxury brands have been raising their product prices one after another.

According to the industry on the 2nd, Hermes, a French luxury brand regarded as the "luxury of luxury," increased the prices of domestic footwear products by about 14-43% starting from the 1st. This comes one year after raising prices of clothing, bags, and shoes by 5-10% in January last year.

Exterior view of the Louis Vuitton store at The Hyundai Seoul in Yeouido. [Photo by The Hyundai Seoul]

The 'Royal' loafer rose approximately 14.5%, from 1,520,000 KRW to 1,740,000 KRW. Among the 'Oran' sandals, the products made from lizard leather increased by about 43.7%, from 2,450,000 KRW to 3,520,000 KRW.

The price of the men's 'Hike ankle boots' also rose about 11%, from 2,280,000 KRW to 2,530,000 KRW.

CHANEL is expected to raise prices of jewelry and watches within this month. Last year, CHANEL raised bag prices in March and May, followed by an increase in footwear prices in October.

Louis Vuitton is also expected to raise prices, meaning that the prices of the three major luxury brands collectively known as 'EruSha' (Hermes, Louis Vuitton, CHANEL) are all likely to increase.

Famous American jewelry company Tiffany&Co.
[Photo by Reuters/Yonhap News]

Earlier, Rolex, the Swiss luxury watch brand famous for wedding watches, raised domestic product prices by about 8% starting from the previous day. One of the popular products, the 'Datejust (Ref.12634)' 36mm size, increased approximately 8.5%, from 11,420,000 KRW to 12,390,000 KRW.

The 41mm size of the same model rose 8.1%, from 13,170,000 KRW to 14,240,000 KRW. The Submariner Steel No-Date 41mm increased by 8.5%, from 11,690,000 KRW to 12,680,000 KRW.

There are also expectations that Tiffany and Dior will raise prices within this month. Tiffany adjusted major product prices upward by 5-10% in September last year, with the rate varying by product. Tiffany's domestic price increase last year was the third time, following previous hikes in February and June.

The Italian luxury brand Prada is also planning a price increase in the range of 5-10%.

The 'early-year price hikes' by luxury brands have become an annual event. This is analyzed as a result of sluggish sales due to the recent global economic downturn after enjoying a boom from revenge consumption during the COVID-19 pandemic.

This content was produced with the assistance of AI translation services.