Gucci, the Italian luxury brand, has increased the prices of some of its products, as confirmed on June 12.
According to industry sources, Gucci raised the prices of certain handbags by 5% to 8% on June 7.
This hike raised the price of the Ophidia Medium GG Tote Bag by 8%, from 2 million won to 2.16 million won. The Ophidia Small Shoulder Bag saw a 6.5% increase, rising from 2.62 million won to 2.79 million won, while the Jackie Small Shoulder Bag increased by about 5%, going from 3.9 million won to 4.1 million won.
Gucci had previously raised prices four times last year, in April, October, November, and December.
The trend of rising prices in the luxury market continues due to high inflation, with brands experiencing more significant revenue increases than demand decreases as a result of these price hikes.
In April, the French luxury brand Céline increased prices on some wallets and belts by 4% to 9%, and the Italian luxury brand Fendi raised prices on items like the Peekaboo bag by 6% around the same time.
Earlier this year, Dior raised prices on earrings, bracelets, and rings by over 12% in January, while Louis Vuitton increased the prices of certain bags by around 5% in February.
Miu Miu, part of the Italian luxury group Prada, increased the prices of items like the Arcadie by about 7% to 9%, and the French luxury jewelry and watch brand Cartier raised prices on items like the Trinity earrings by 5% to 6% on June 6.
Bottega Veneta, another Italian luxury brand, is also expected to raise prices later this month.
This article was originally published on June 12, 2024.
