Editor’s Note
As the holiday season approaches, several luxury brands, including Bottega Veneta, have implemented price increases in key markets like South Korea. This move, part of a broader trend of strategic price adjustments, highlights the brands’ positioning ahead of peak gift-giving periods.
Ahead of the upcoming Christmas and year-end gift season, luxury brands are successively raising their prices.
According to Newsis on the 11th, the Italian luxury brand Bottega Veneta also adjusted upward the prices of some products sold in South Korea on the 6th. Bottega Veneta had previously implemented price increases in South Korea in February and May of this year.
With this increase, Bottega Veneta’s representative product, the ‘Large Andiamo’, jumped from the previous 11.36 million won to 13.01 million won, an increase of approximately 14.5%.
The French luxury brand Chanel has raised prices for the ‘Nth’ time this year.
After increasing prices for some products like bags and jewelry in January and June, Chanel also adjusted prices upward for some items including bags, wallets, and shoes in September. Subsequently, Chanel implemented another price increase in South Korea on the 4th of this month.
Ahead of the year-end when gift demand increases, luxury jewelry and watch brands are also raising prices one after another.
The Swiss luxury watch brand Vacheron Constantin, considered one of the world’s top three watchmakers, will raise the prices of all products sold in South Korea by an average of 5% starting on the 15th.
The increase rate will vary by product, with prices expected to be adjusted upward by 3% to a maximum of 6%.
Tiffany & Co., the jewelry brand of the LVMH group, is also planning to implement a price increase within this month.
Tiffany & Co. had previously raised prices for some products by an average of 6% in February and June.
With this increase, prices for some jewelry and watch products sold in South Korea are expected to rise by an average of 5-10%.
In addition, the Italian luxury jewelry and watch brand Bulgari implemented its third price increase of the year on the 10th. Bulgari had previously raised prices for watch and jewelry products in April and June, respectively.
With this increase, prices for lines such as the Serpenti line, inspired by snakes, and the Divas’ Dream line, inspired by fans, rose by an average of around 3%.