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Chanel reportedly being snubbed by customers due to the series of price hikes
Chanel is so popular in South Korea, but with the continuous price hikes, its customers are said to be steering clear of the brand now. Koreans started to snub the French luxury fashion house after it imposed a second price increase in this year alone.
According to The Korea Times, analysts stated that a growing number of customers in the country are avoiding Chanel because the string price increases in the last two years have made them lose their trust in the brand. Moreover, it was recently discovered that the company has been charging higher prices for its bags and other goods in South Korea than in other countries in Asia. Allegedly, this has led local customers to stop visiting Chanel outlets.
The latest price increase was implemented on Thursday last week. The price tags have gone up by an average of five percent. This is the second time Chanel Korea has raised its prices in 2022, with the first having been put in place in January. Prior to these, prices have already been elevated in September and November 2021.
This is why many customers are disappointed and reportedly questioning the hikes that have been happening so fast. "This is ridiculous," the publication quoted one shopper surnamed Yoo as saying. "Chanel just raised the prices months ago so how can they do it again so quickly?"
In any case, Chanel Korea explained that it was left with no choice but to adjust its prices because the prices of raw materials have also gone up. The increase is the only way that the company can cope with the manufacturing expenses and other costs. The company added that the fluctuating exchange rates is another reason for the constant mark-ups.
Meanwhile, Reuters the price adjustments for the Chanel products are not only happening in South Korea but in Europe and other Asian regions as well. The hikes started when the COVID-19 pandemic began to affect Chanel's sales. It was done to protect margins and cover the rising costs of logistics, materials, and transport.
Chanel also issued a statement as per Reuters. It clarified that the adjustments were actually not price hikes. "What has been implemented yesterday is not a price increase but a harmonization 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," the company said.
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