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The French luxury group’s flagship brand, Louis Vuitton, is reportedly planning to sharply increase its prices in the Middle Kingdom. Although the news has not been officially confirmed, the reaction of consumers was instantaneous.
Business in the luxury sector in China is not without its twists and turns. According to Reuters, the LVMH group brand Louis Vuitton is considering raising its prices in China by up to 20%. The price hike is said to be related to the strong recovery in Chinese demand for luxury goods after the easing of restrictions related to the COVID-19 pandemic.
Neither LVMH nor Louis Vuitton have yet confirmed or commented on this information. But last January, executives of the world’s number one luxury goods company had announced “limited price increases, mainly for leather goods, with the aim of reducing price differences between the United States and Europe.”
Since 2021, several major luxury brands have raised prices due to the dynamic recovery in high-end consumption, driven by consumer savings from confinements.
Instant reaction
On the online shopping platform Xiaohongshu, also known as Little Red Book or RED, Chinese users expect an 8% to 20% price increase at Louis Vuitton from February 18. According to conversations on social media, lines have already formed outside Shanghai stores as shoppers seek to make purchases before the price hike.
Although users’ sources of information were not always specified, even though they often cited fashion brand vendors, their predictions of price hikes often proved accurate.
In France, Louis Vuitton has already raised its prices by 3% to 7% this month, according to PurseBop, a website that tracks the luxury market. One of its most popular bags, the Neverfull, sells for a whopping 1,500 euros.
Read also >Pharrell Williams becomes the new artistic director of Louis Vuitton
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The French luxury group’s flagship brand, Louis Vuitton, is reportedly planning to sharply increase its prices in the Middle Kingdom. Although the news has not been officially confirmed, the reaction of consumers was instantaneous.
Business in the luxury sector in China is not without its twists and turns. According to Reuters, the LVMH group brand Louis Vuitton is considering raising its prices in China by up to 20%. The price hike is said to be related to the strong recovery in Chinese demand for luxury goods after the easing of restrictions related to the COVID-19 pandemic.
Neither LVMH nor Louis Vuitton have yet confirmed or commented on this information. But last January, executives of the world’s number one luxury goods company had announced “limited price increases, mainly for leather goods, with the aim of reducing price differences between the United States and Europe.”
Since 2021, several major luxury brands have raised prices due to the dynamic recovery in high-end consumption, driven by consumer savings from confinements.
Instant reaction
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The French luxury group’s flagship brand, Louis Vuitton, is reportedly planning to sharply increase its prices in the Middle Kingdom. Although the news has not been officially confirmed, the reaction of consumers was instantaneous.
Business in the luxury sector in China is not without its twists and turns. According to Reuters, the LVMH group brand Louis Vuitton is considering raising its prices in China by up to 20%. The price hike is said to be related to the strong recovery in Chinese demand for luxury goods after the easing of restrictions related to the COVID-19 pandemic.
Neither LVMH nor Louis Vuitton have yet confirmed or commented on this information. But last January, executives of the world’s number one luxury goods company had announced “limited price increases, mainly for leather goods, with the aim of reducing price differences between the United States and Europe.”
Since 2021, several major luxury brands have raised prices due to the dynamic recovery in high-end consumption, driven by consumer savings from confinements.
Instant reaction
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