Chanel increases its prices for the fourth time over the pandemic

Considering splashing the cash and treating yourself to some designer gear? It might be more difficult than usual because luxury French brand Chanel has increased its handbag prices just before the festive season and for the fourth time during the pandemic.

Two handbag models, the 2.55 and the Timeless Classic, are set to soar in price again meaning they will have increased by 16 per cent and nearly 30 per cent respectively compared to their costs in September 2021 and December 2020, and it’s not like they were cheap to begin with.

“Like all major luxury brands, we regularly adjust our prices to take into account changes in our production costs and raw material prices, as well as exchange rate fluctuations,” a spokesman said, according to Reuters.

“The price of a Chanel bag reflects not only a sense of exclusivity, but also our values,” a representative of the brand added to Sotheby’s. “Buying a Chanel bag brings with it renowned expertise and French design, an unfailing commitment to preserve skills and craftsmanship, leading-edge innovative manufacture, and guaranteed provenance of the raw materials.”

So that’s that, then.

Prior to March 2020, the brand’s Classic Flap was priced at £4,620. In June 2020, it then rose to £5,300, followed by £5,550 in October, and £5,780 by July 2021, with this month’s price adjustment now reaching £6,630.

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Meanwhile, according to analysts, sales at Chanel fell 17.6 per cent last year, but it was still one of the most profitable companies in the sector because its core profit margin stood at around 20 per cent.

It’s fine. We didn’t want any of their bags anyway!