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Chanel Raises Handbag and Jewelry Prices in South Korea, Adding to Consumer Burden (Image courtesy of Yonhap)
SEOUL, June 3 (Korea Bizwire) — Luxury fashion house Chanel has raised prices on several of its best-selling handbags and jewelry items in South Korea by up to 10%, marking its third price hike this year and further straining consumers, especially brides-to-be preparing for weddings.
Chanel Korea implemented the increases on Monday, raising prices on signature items including the Classic Flap, Boy Chanel, and 22 Bag lines—popular choices for wedding gifts and trousseaux.
The Classic 11.12 Flap Bag, long considered a staple among luxury accessories, jumped from ₩15.57 million to ₩16.66 million, a 6.6% increase. The Large Classic Flap rose about 7% to ₩17.95 million, while the Small Flap saw a 4.6% hike to ₩16.01 million. The Small 22 Bag, famously carried by BLACKPINK’s Jennie, climbed 8.1% to ₩8.89 million. The Boy Chanel Flap Bag series also rose 7% across sizes.
Chanel also raised prices on its Coco Crush jewelry collection by up to 10%, in a move that coincides with the spring wedding season when demand for high-end gifts typically surges.
The latest increase follows similar moves earlier in January and February, and comes amid broader industry-wide price adjustments by other luxury brands. Louis Vuitton raised prices three times between January and April, while Richemont Group brands such as Cartier, Van Cleef & Arpels, and Piaget have raised prices by 5–10% since April.
Piaget increased its Korean prices by 6–10% just a day earlier, and Tiffany & Co., under LVMH, is set to follow suit on June 3 with a 6% average price increase on select items.
Luxury watchmakers are also joining the trend. Swatch Group’s high-end brands Breguet and Longines began implementing a 5% price hike across all models sold in South Korea starting Monday.
As global luxury houses continue to adjust prices to reflect inflation, brand positioning, and currency shifts, Korean consumers are feeling the pinch—especially those navigating significant life milestones where luxury goods play a traditional role.
Ashley Song (ashley@koreabizwire.com)
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