Asian Stocks Mixed as RBA Holds Rates, Oil Risks Rise 
Nvidia Secures $500 Billion AI Infrastructure Push With Wall Street Giants 
OpenAI Executive Brad Lightcap to Leave for New AI Venture 
Sony, TSMC Eye $6.3 Billion Japan Chip Venture for Next-Gen Image Sensors 
Natura Q2 Profit Plunges 92% as Financial Expenses Weigh on Earnings 
Asian Stocks Rise as AI Chip Rally Lifts South Korea, Japan 
Berkshire Hathaway Cash Falls as Abel Boosts Stock Buybacks 
South Korean Won Leads Asian FX Losses as Dollar Rises 
Dollar Steady as Markets Await U.S. Inflation Data 
Shein Scales Back Vietnam Operations as US Trade Rules Shift 
UK Retail Sales Rise as World Cup and Heatwave Boost Food, Pubs and Clothing 
CBA Posts Record A$10.98B Profit Despite Cautious Outlook 
S&P 500, Nasdaq Futures Rise as Iran Risks and CPI Loom 
Oil Prices Rise as Hormuz Tensions Threaten Global Supply 
European Stocks Flat as Oil Prices Rise, US CPI in Focus 
Asian Currencies Steady as Markets Await U.S. Inflation Data 
Canada, US Hold Fresh Trade Talks as August 19 Tariff Deadline Nears 
Louis Vuitton, the French high-end luxury fashion house, revealed it has been affected by inflation, and the rising costs are forcing it to raise the prices of its goods worldwide. The Paris, France, headquartered company is implementing a price increase this week.
Louis Vuitton announced its plans to impose higher price tags on Wednesday, Feb. 16. The company's spokesperson in China explained that this decision was made as transportation and manufacturing costs have been going up.
As per Reuters, as LVMH's leading fashion brand move to hike its prices, it will be joining a number of major companies and labels in the fashion sector that have taken the same step to protect their businesses. Customers around the world can expect to see inflated price tags on the label's perfume lines, fashion accessories, and leather goods.
Then again, the company did not share information on how much it will be adding to its current price tags. The only thing Louis Vuitton said is that the increase will depend on each product.
"The price adjustment takes into account changes in production costs, raw materials, transportation as well as inflation," the luxury brand told Reuters.
It was reported that some Chinese customers shared on social media how much some of the LV bags are being sold after the price hikes. They said that one of the label's bag models, Capucines, is now priced at 46,500 yuan or around $7,323. While the Neverfull is at 12,000 yuan or $1,890.
Louis Vuitton has performed well despite the COVID-19 crisis. In fact, it has recorded high sales as the demand for high-end fashion skyrocketed in the midst of the pandemic s shoppers spend most of their time at home. But then, it still needs to hike up its prices to fill margin gaps as prices of raw materials and so on are going up.
Meanwhile, The Fashion Law reported that another LVMH-owned label, Tag Heuer, is also increasing its prices. The luxury watch brand's chief executive officer, Frédéric Arnault, said in an interview on Feb. 11 that they will be marking up prices by five to six percent on most of the watches in April.
