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.
Featured photo : © Stéphane Muratet