Luxury designer pieces are only getting more exclusive––or so seems to be the case as major fashion houses hike up their prices in 2022. Brands like Chanel, Prada, and Hermès implemented a price increase on their handbags and other iconic leather goods at the beginning of this year, pushing the luxury market to an even more unattainable level for the average shopper. The latest brand seeming to follow the market’s narrative is Louis Vuitton, whose fragrances, leather goods, and handbags all increased in price in late February.
According to experts in the field, the price increase is being attributed to inflation, and the cost of raw materials––which certainly makes sense in a market that continues to feel the effects of the COVID-19 pandemic. Supply chains continue to be met with interruptions and delays which can both hike up the cost of goods and slow down the production time for certain items. Price increases also suggest a high demand for the luxury items sold by LV, which is excellent news for the brand, and others like it, who manage to remain relevant in a seemingly tough economic time.
Despite many industries suffering the effects of the pandemic, luxury retail seems to be booming, with brick-and-mortar locations of brands like Hermès making millions in profit on their first day open following COVID-19 closures. Louis Vuitton’s dramatic price hikes (ranging from 10-23% per item) only punctuates the narrative being painted in the ready-to-wear world of designer: high end retail is here to stay.