Editor’s Note
As we enter the new year, luxury price hikes for items like handbags and watches show no signs of slowing. This trend is driven by a confluence of factors, from rising material costs to strategic pricing adjustments by brands.
Price increases for global luxury brands, including handbags, jewelry, and watches, are expected to continue into the new year. This is seen as a result of a combination of factors including rising raw material costs, currency appreciation, and adjustments to headquarters’ pricing policies.
According to the industry on the 1st, the Belgian luxury brand Delvaux plans to raise prices for all products sold in South Korea by an average of 3% starting on the 19th. All major lineups, including the representative “Brillant” collection, as well as “Tempete” and “Cool Box,” will be affected.
The Italian high jewelry brand Buccellati will raise its selling prices in South Korea starting on the 27th. The increase rate varies by product. Some items are expected to see price hikes of up to 20%. For the brand’s popular “Blossom” collection, the price of a no-diamond ring will rise by about 18.5%, while products set with diamonds will increase by 14.2%. Buccellati had already raised the deposit (reservation) price for some products starting December 23rd of last year. Only products for which inventory was secured before the price increase can be purchased at the previous price.
The luxury watch brand IWC will raise prices for products sold in South Korea by 5-8% on the 12th. The Pilot’s Watch Mark XX (20) steel bracelet 40mm model, currently priced at 10 million won, is expected to be adjusted to a level of 10.5 million to 10.8 million won. Hublot and TAG Heuer, under the LVMH (Moët Hennessy Louis Vuitton) group, have also announced price increases. Hublot will raise product prices in South Korea by 3-8% on this day, and TAG Heuer plans to raise product prices by an average of 6% on the 6th.
The Japanese brand Grand Seiko and its lower-tier brand Seiko also plan to raise prices for products sold in South Korea by 4-11% and 2-11%, respectively, starting on this day. Grand Seiko also implemented a price increase of up to 8.5% in South Korea last November.
The Swiss luxury watch brand Rolex raised the price of the Submariner Oyster 41mm model by 5.7% and the Submariner Date Oystersteel Yellow Gold 41mm model by 7.4% starting on this day. Its subsidiary brand Tudor also raised prices for some products by 9.6%.