Editor’s Note
This article discusses recent price increases across the luxury sector, including notable adjustments from watchmakers Rolex, Tudor, and Grand Seiko, as well as a 6% rise for Van Cleef & Arpels’ high jewelry collections.
[E-Daily Reporter Han Jeon-jin] Since the start of the Year of the Fire Horse, major luxury watch and jewelry brands, including Rolex, have been raising prices one after another. This appears to be the result of a combination of rising raw material costs, exchange rate burdens, and adjustments to global pricing policies.
Its subsidiary brand Tudor also implemented price hikes of around 9%: the Black Bay Steel 41mm from 6.68 million won to 7.31 million won, and the Black Bay 54 Steel 37mm from 5.76 million won to 6.32 million won.
The Japanese brand Grand Seiko also raised prices. The entry-line SBGX263 37mm increased from 3.85 million won to 4.1 million won (6.5%), and the popular model known as the “Birch,” the SLGH005 40mm, was adjusted from 15.1 million won to 16 million won (6%). The price increase for products distributed in South Korea ranges from 4% to 11%.
TAG Heuer, under the LVMH (Moët Hennessy Louis Vuitton) group, also raised prices for all product lines by an average of about 6% on the 6th. The Aquaracer 300 Professional Steel & Ceramic 42mm rose from 5.71 million won to 6.06 million won, and the Carrera Day-Date 41mm increased from 6.15 million won to 6.3 million won.
The upward trend in prices for high-end watch brands continues. Audemars Piguet increased the prices of key Royal Oak models by 3% overseas, and Hublot also adjusted prices for some high-end models by around 3%. The industry expects this upward trend to be reflected in domestic retail prices soon.
The wave of price increases is also spreading to jewelry brands. Van Cleef & Arpels raised prices for its major high jewelry collections, such as Flowerlace, Palmyre, and Snowflake, by about 6%. The Flowerlace ring made of white gold and diamonds increased from 59.5 million won to 63 million won (5.8%), and the Ludo Secret Watch in yellow gold was adjusted from 147.5 million won to 156 million won.
Further price hikes are anticipated. IWC, under the Richemont group, is reportedly preparing to adjust domestic prices on the 12th of this month. Observers predict the increase will be in the range of 5-8%. Jaeger-LeCoultre, part of the same group, is also preparing for a price increase early next month.