LVMH’s Louis Vuitton is expected to increase prices in China by as much as 20 percent as luxury labels bank on a strong rebound of Chinese demand following the easing of Covid-19 lockdowns.
Last February, Louis Vuitton led the way to a string of price hikes from some of the industry’s biggest names.
With soaring demand fuelled by shoppers drawing on savings from pandemic lockdowns, high-end labels have been raising prices over the past few years.
Bloggers on China’s social media platform Xiaohongshu are forecasting price increases at Louis Vuitton of between 8 percent and 20 percent on February 18.
Users of the Xiaohongshu site often cite sales associates for the fashion labels and have a track record of correctly predicting price increases but do not always specify their sources.
Last month, LVMH executives signaled limited price hikes, mainly for leather goods.
Louis Vuitton, which sells a popular tote bag called Neverfull for US$1609.35, raised prices in France by around 3 percent to 7 percent this month.
