You might call it the worst kept surprise… but Chanel handbag prices are about to rise globally.
In Europe, no doubt they’re complaining “Again?!” After all, prices there spiked 9% in August 2022, a mere seven months ago. For the United States, at least with respect to the Classic Flap, prices have been stable since the last increase in November 2021.
The expected date for the hike is March 2. Yes, tomorrow – or today, depending when you’re reading. It is now evident that the Classic Flap is included with the increase. The medium Classic Flap which today retails for $8,800 in the United States, is expected to rise to $10,200. That’s a 16% increase!
In Europe, the small Classic Flap which today retails for €8450, will become €9300. That’s roughly a 10% increase. If we convert the new euro price of €9300 to US dollars at todays exchange rate, we get $9,905.21 – which makes purchasing in Europe still a better deal if we take into account VAT refund (for US tourists).
Image courtesy @fashionxfrenchfries
Here are the updated confirmed prices in the US for the Chanel Classic Flap
Chanel Classic Sizes
Previous PriceFebruary 2023(USD)
NewPrice March 2, 2023(USD)
Price Increase (USD)
Increase(%)
ClassicSmall Flap
$8,200
$9,600
$1,400
17%
ClassicMedium Flap
$8,800
$10,200
$1,400
16%
ClassicJumbo Flap
$9,500
$11,000
$1,500
16%
Here are the updated prices in the US for other handbag styles.
Chanel Bag Style
Previous PriceFebruary 2023(USD)
NewPrice March 2, 2023(USD)
Price Increase (USD)
Increase(%)
Chanel 22 Shiny Calfskin
$5,300
$5,800
$500
9.4%
Small Hobo
$4,500
$4,800
$300
6.6%
Chanel 19
$5,700
$6,400
$700
12.3%
Chanel 19 Large
$6,300
$6,800
$500
7.9%
Chanel 19 Maxi
$6,900
$7,500
$600
8.7%
2.55 Mini
$4,400
$4,900
$500
11.4%
2.55
$8,800
$10,200
$1,400
15.9%
2.55 Large
$9,500
$11,000
$1,500
15.8%
Here are the updated prices in the Canada for the Classic Flap.
Chanel Classic Flap
Previous PriceFebruary 2023(CAD)
NewPrice March 2, 2023(CAD)
Price Increase (CAD)
Increase(%)
Classic Square Mini
CAD $5,075
CAD $5,950
CAD $875
17%
Classic Rectangular Mini
CAD $5,350
CAD $6,200
CAD $850
15.8%
Classic Small Flap
CAD $10,375
CAD $12,275
CAD $1,900
18.3%
Classic Medium Flap
CAD $11,050
CAD $12,800
CAD $1,750
15.8%
Classic Jumbo Flap
CAD $11,900
CAD $13,850
CAD $1,950
16.4%
Wallet on Chain
CAD $3,625
CAD $4,225
CAD $600
16.6%
Here are the updated confirmed prices in the Europe for the Chanel Classic Flap.
The increase affects all Chanel bags across the board, but the percentage increase is far lower than what we've come to expect in the past few years. Last year, the Classics were hit with a 16% increase on average, while this year only sees a 6.7% increase for the classic styles.
Chanel bag prices are a reflection of not just their luxurious status, but also the meticulous effort invested in their production. The high-quality materials and associated labor costs contribute to their elevated price points, reinforcing their status as luxury items.
“In terms of the investment side of things, while the retail price of a new Chanel Medium Classic Flap currently sits at US$10,200, investors may be able to make a profit if they've held the bag for a number of years and the bag is in very good condition.
The Chanel brand is known for its high-quality materials and craftsmanship, making it a popular choice among luxury handbag buyers. While there are no guarantees when it comes to investing, the right Chanel bag can often appreciate in value, making it a worthwhile purchase.
Mostly, however, these price increases, and particularly these limits on how much customers can buy, are to do with the booming Chanel resale market; the last thing the brand wants is to become part of the new drive for mass market luxury. Instead, it needs to stand out by being more exclusive and rarefied than ever.
The Chanel "Diamond Forever" Handbag, priced at $261,000, is a timeless classic adorned with 334 diamonds set in white gold. With only 13 ever created, it is a rare and coveted treasure for collectors.
Named after the beloved Princess Diana, the Chanel Diana Bag is a symbol of regal elegance and timeless style. Its quilted leather and long shoulder strap have made it a favorite among Chanel aficionados. The bag's value has consistently risen, making it a sought-after piece for investment.
CHANEL's long-term strategy is underpinned by a strong balance sheet, with net debt of only $18 million. CHANEL TODAY 9 INTRODUCTION Page 12 CHANEL FINE-JEWELRY BOUTIQUE 18 PLACE VENDÔME 10 Page 13 CHANEL's performance is always measured not by shareholder equity, but by brand equity.
Chanel's pricing strategy is rooted in its positioning as a high-end luxury brand. The brand's products command premium prices, reflecting the exclusivity, craftsmanship, and reputation associated with the Chanel name.
1 — It goes without saying that hefty price increases, which have far outpaced inflation, have moved most of their handbags out of reach for the average aspirational luxury consumer. 2 — Chanel has also instituted quotas on their most popular purses to make them less accessible.
Overall, Chanel is considered more expensive than Louis Vuitton. A Chanel bag at retail can demand almost six times the price of a similar offering from Louis Vuitton, making LV appeal to a wider audience.
On the other hand, Malaysia is cheapest for the two-tone slingback heels. The prices for the 5 items we analysed were 7-10% less than prices in Singapore. These items were also 2-6% cheaper in Malaysia and the UK than in Chanel's production homebase of France.
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