BUSINESS

Foreign luxury brands hike prices amid arrival of wedding season: sources

By Yonhap
  • Published : Sept 11, 2017 - 14:56
  • Updated : Sept 11, 2017 - 14:56
Foreign luxury brands raised the prices of their products early this month, industry sources said Monday, amid the arrival of the fall wedding season that fuels demand.

French luxury brand Chanel said it began lifting the prices of it products by up to 17 percent as of Sept. 1.

Prices of Classic 2.55 Medium and Mademoiselle Vintage bags have been jacked up to 6.94 million won ($6,133) from 6.77 million won and to 3.86 million won from 3.80 million won each.

The price of Chanel Moccasin shoes also increased 17 percent to 890,000 won from 760,000 won.
 
(Yonhap)

"Chanel bags are popular among brides and the price hike is apparently timed to coincide with the wedding season," an industry source said. "Foreign cosmetics brands also substantially raised the prices of their best-selling goods."

An official of ELCA Korea, the Korean unit of American beauty brand Estee Lauder, said, "We've raised the prices due to the soaring prices of raw materials and labor costs."

Estee Lauder hiked the prices of eye shadow and skin care products by an average of two percentage points as of Sept. 1. (Yonhap)