Chanel, Hermès, Prada to Implement Price Hike in South Korea

Chanel, Hermes, Prada, and other foreign luxury brands are reportedly hiking up their prices again in South Korea. The globally famous fashion retail stores are raising prices at the start of the new year.

According to Korea Joongang Daily, French fashion house Hermès International S.A. kicked off 2024 by implementing new prices in the country. With this move, it was said that other luxury stores are expected to follow suit.

Hermes’ New Price Update

Hermès updated the price tags of its shoe products at the start of this week. Business insiders confirmed this shortly after the hike. Its Oran sandal, which is made with lizard leather, is more expensive now after a 44% increase.

In 2023, this footwear only cost KRW2.45 million; today, it is priced at KRW3.52 million or about $2,685. Hermes’ Royal loafer also saw a 14.5% increase - from KRW1.52 million to KRW1.74 million today.

It was noted that in the first week of January last year, the Paris, France-headquartered company also implemented higher prices for various items such as clothes and bags. At that time, the increase was from five to 10%.

Other Brands With Increased Prices at the Start of the Year

Business Korea reported that Chanel is expected to reveal new prices for its watch and jewelry items before this month ends. The brand’s last price hike was in October 2023 and was applied to its shoe line. The price increases for its bags were implemented earlier in March and May.

On Jan. 1, Rolex raised the prices of its “Datejust” timepiece model by 8.5%. This means from KRW11.42 million, the item is now being sold for KRW12.39 million. For the bigger size of this model, which is 41mm, the rates went up from KRW13.17 million to KRW14.24 million.

Meanwhile, Prada, Tiffany, and other popular luxury names in the fashion retail industry are also expected to announce price hikes later this month.

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