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Italian luxury brand Gucci has decided to raise the prices of some of its main products, to the ire of designer brand lovers here.
The price for the popular Soho tote bags and other leather goods will be increased by up to 11 percent, starting from Jan. 14, Gucci Korea officials were quoted as saying Friday.
The price hike, the first since April 2011, was decided by the company’s head office in Florence, Italy, and will be applied to all Gucci stores around the world.
Once the change is made, the Soho tote bag’s price will jump from 1.95 million won ($1,832) to 2.03 million won. The Sukey and the GG Pierce wallet collection, too, will increase in price.
Last year, Gucci was one of the few brands to cut the prices of some of its past limited-edition goods, showing a contrast to its rivals such as Chanel, Louis Vuitton and Prada.
Prada raised the price of its favored Saffiano bags and Chanel increased the price of its prestige Classic Caviar and 2.55 bags by up to 10 percent.
Gucci tried to appease its irked customers by offering up to 8 percent discounts on its Mayfair bag and wallet collection, along with its bestselling Joy Boston bags.
By Bae Hyun-jung (tellme@heraldcorp.com)
The price for the popular Soho tote bags and other leather goods will be increased by up to 11 percent, starting from Jan. 14, Gucci Korea officials were quoted as saying Friday.
The price hike, the first since April 2011, was decided by the company’s head office in Florence, Italy, and will be applied to all Gucci stores around the world.
Once the change is made, the Soho tote bag’s price will jump from 1.95 million won ($1,832) to 2.03 million won. The Sukey and the GG Pierce wallet collection, too, will increase in price.
Last year, Gucci was one of the few brands to cut the prices of some of its past limited-edition goods, showing a contrast to its rivals such as Chanel, Louis Vuitton and Prada.
Prada raised the price of its favored Saffiano bags and Chanel increased the price of its prestige Classic Caviar and 2.55 bags by up to 10 percent.
Gucci tried to appease its irked customers by offering up to 8 percent discounts on its Mayfair bag and wallet collection, along with its bestselling Joy Boston bags.
By Bae Hyun-jung (tellme@heraldcorp.com)
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Articles by Korea Herald
