LUXURY BRANDS & PRICE INCREASES FOR 2021
While we all slowly crawl out of our Pandemic holes and attempt to get back to normalcy, some of your favorite luxury brands are busy raising prices again. As if the Chanel, Gucci, Louis Vuitton, Dior, and Prada increases of 2020 weren’t shocking enough, the new year brought on even bigger increases on some of your most beloved brands and pieces.
So, why do they keep doing this to us? Originally, designers said it was due to recent exchange rate fluctuations between the euro and local currencies. Then, they blamed coronavirus (which we get) and how they’re trying to protect margins and cushion the impact from lower sales during the pandemic. Later, the increase in transportation costs and materials were cited.
And while most years, luxury brands raise prices slightly to offset inflation in input and labor costs, but only the most in-demand items and luxury brands could justify a significant price increase during the pandemic. That's called supply and demand, baby.
IS THE RISE OF LUXURY RESALE ALSO TO BLAME?
Another potential reason for a retail price hike might be the sudden power of the resale market, which impacts the bag’s retail value. Hermès, for example, could’ve raised their retail prices, but they didn’t. Meanwhile the prices for their beloved Birkin and Kelly bags are higher on the resale market than they are in the traditional store setting, but that’s also due to the exclusivity factor and the chance you’ll score your very own Birkin from a Hermès boutique. We all know you’d probably have better luck winning the lottery than walking into Hermès empty-handed, and then walking out with a brand-new Birkin or Kelly.
Every time a designer raises their retail prices, the resale market value rises too. That means the original Louis Vuitton Stephen Sprouse Graffiti Speedy you’ve been holding on to since 2001 has more than doubled in price on the resale market, which is fueled by the limited-edition status and Louis Vuitton’s numerous price increases since the original launch. Let's put it another way...if you're aware of the increased value of a limited-edition or vintage bag, you've got access to all of them on LePrix, and if you can snag one for less you can then turn around and resell it and make a profit!
Anyway, that brings us to Louis Vuitton’s 2021 price increase.
In the spirit of 2020—oh wait, it’s 2021—we have some not-so-great news for you. While it’s not doom and gloom like the mutant COVID strain making an appearance, it does impact your bank account and your closet.
We’re referring to Louis Vuitton’s 2021 price increase. So, I know you’re thinking, “BUT they just had an increase! This isn’t fair!” And we feel you, but the fact is we’re still reeling from the pandemic and even luxury design houses need to make money.
Don’t fret…there’s light at the end of the tunnel. The LV increase is not across the board—it only applies to certain bags and styles—mainly those that are part of the line’s permanent canvas bag collection.
The majority of the increases aren’t substantial (2%-5%) so you won’t need to break your Moschino piggy bank yet. $40 here, $50 there, but let’s be honest, if you’re looking to spend $2,000 on a bag, what’s another $40?
BUT if you’re pining over one of the monogram bags, like the Pochette Accessories Monogram Canvas or the Onthego MM Monogram Canvas, it might hurt a little more. They’re going to cost you an extra 10% - 25%.
Let’s look at how these price increases impacted your favorite bags.
Onthego MM Monogram Canvas
Monogram Reverse Cannes
Neverfull PM Monogram Canvas
Alma BB Monogram Canvas
NéoNoé MM Monogram Canvas
Multi Pochette Accessories Monogram Canvas
Pochette Accessoires Monogram Canvas
SAVE MONEY. SHOP DESIGNER RESALE!
Well, the good news is designer resale saves you from the sting of these price increases. We've got all the Louis Vuitton bags your heart desires, and for less.
Hot on the designer heels of Louis Vuitton’s price increase, Chanel bumped up their prices too!
So, what’s the deal with this increase? The Chanel Classic Flap, Boy Bag and Reissue prices are increased between $200-$400 each—and the beloved minis and WOCs were included as well.
We've listed the previous and current prices below.
CHANEL CLASSIC FLAP BAG
Classic Mini Rectangular
Classic Mini Square Flap
Classic Small Flap Bag
Classic Medium Flap Bag
Classic Jumbo Flap Bag
Classic Maxi Flap Bag
CHANEL REISSUE 2.55
Reissue 224 Bag
Reissue 225 Bag
Reissue 226 Bag
Reissue 227 Bag
CHANEL BOY BAG
Small Boy Bag
Medium Boy Bag
New Medium Boy
Chanel 19 Small Bag
Chanel 19 Large Bag
Chanel 19 Maxi Bag
We feel your pain....but luckily designer resale is ALWAYS the best option—and sometimes retail therapy can be cheaper than actual therapy.
J’adore Dior…zuts alor! After all we’ve been through the past year, luxury designers still aren’t giving our wallets or bank accounts a break. While there are few French words that roll off a woman’s tongue quite like Dior (especially when it’s said with an elegant French accent), “more” also rhymes and we weren’t thrilled when we heard about this price increase.
Following in the fashionable footsteps of Chanel and Louis Vuitton, Dior also raised their prices on February 1st, 2021. And if you remember correctly, Dior also introduced a price increase in 2020, so this shouldn’t come as a huge shock, but it’s surprising, nonetheless. Enough complaining, let's dive right into this...
So, the good news is not every bag was hit with an increase, but the bad news is that the majority of them saw anywhere between a 2% bump for the St. Honore Tote, and all the way up to 20% for the Dior Mini Saddle Bag. All in all, prices were also raised on everything from scarves to shoes, and clothing to small accessories. Yikes, here's some of the damage.
Dior 30 Montaigne
Lady Dior Medium Bag
Lady Dior Large Bag
Dior Oblique Canvas Mini Saddle Bag
Dior Oblique Medium Saddle Bag
Dior Oblique Large Book Tote Bag
Dior Honore Medium Tote Bag
GET YOUR DIOR @ LEPRIX
Whether you were introduced to Dior by Lady Diana, Grace Kelly, or Carrie Bradshaw, Dior bags give you all the fashionable and fancy feels. From the Dior Lady Dior to the Saddle Bag, and the Book Tote to the 30 Montaigne, and NOW the brand-new Caro, luck be a Lady Dior!
Look, while the news of a price increase is neither ideal, nor totally unexpected, there's a way to get around this and save some of your hard-earned cash too. Simply shop for designer resale items by Dior at LePrix!