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– Bruno Pavlovsky, president of Chanel’s fashion division, countered that the price adjustment was caused by inflation in recent years.
Too greedyluxury brands? Prices for products from renowned brands such as Chanel and Louis Vuitton are frequently criticized, as pointed out 20 Minutes Switzerland. According to a study by the British bank HSBC, relayed by the “Financial Times”, for example, the smallest format of the Speedy handbag, emblematic model of Louis Vuitton, costs approximately 1550 francs today (1578 euros). It is approximately double of the price it displayed in 2019. And he is not the only one in this case.
The price of Chanel’s 2.55 handbag, another icon of the brand, has increased by 80% in five years. The media mentions that these items remain relatively affordable for the Swiss middle class in these two French houses. However, certain products are now only accessible to the wealthiest minority of consumers. This trend was strongly criticized by Swedish influencer Bryan Yambao last year on Instagram, where he denounced an increase that he considered excessive.
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“In an American magazine I saw an article about a wonderful Miu Miu coat who I fell in love with at the parade. I thought I was having a heart attack when I discovered that it cost 6,000 dollars excluding taxes (5,620.32 euros, editor’s note). Since when did a simple wool coat cost so much at Miu Miu? I think most brands should lower their prices”, he denounced. In an article in the “New York Times”, Luca Solca, influential director of the luxury goods sector at Bernstein, an American financial analyst firm, recalled that the largest customers represent, in volume, 40% of sales.
The main parties involved were quick to defend themselves. Bruno Pavlovsky, president of the fashion division at Chanel, responded that the price adjustment had been caused by inflation of recent years. “We are not looking to offer the most expensive products on the market. The economic context conditions our industry and, consequently, prices”he thus justified.
