Prada Belluto Ricamo Kaiebag. Pictures prada
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Italian luxury brand Prada has raised prices for major products.
According to the department store industry, on the 22nd, Prada raised the prices of major products such as bags, clothes, shoes, and accessories by an average of 2-3%.
The duet nylon bucket bag, also known as the ‘bokjori bag’, increased the price by 2.9% from 1.39 million won to 1.43 million won. This is one of the most popular bucket bags. In addition, the re-edition saffiano trim nylon hobo bag increased by 3% from 1 million won to 1,300,000 won. Leather wallets, sweaters, sneakers, and scarves were also included in the price hike.
An official in the distribution industry said, “Typically, luxury brands frequently raise their prices by surprise without prior notice.” “For this reason, customer inquiries about prices on this day were inundated.”
Not only Prada but also luxury brands such as Chanel have been increasing prices since the beginning of the year. On the 14th, Chanel raised the price of wrapback red and beige medium from 6.29 million won to 6.43 million won. Jewelry luxury brands such as Damiani announced a price increase in February.
Even in the midst of Corona 19, it seems that luxury brands raising product prices is a strategy aimed at consumers’ psychology of’retaliation consumption’. In fact, Hermes and LVMH reported surprise results with their global sales in the third quarter of last year, during the second pandemic of Corona, increased by 6.9% and 12%, respectively, compared to the same period last year. It is proved that the consumption of luxury goods increased even in Corona 19.
Because of this, there is a prospect that other luxury brands will also increase prices sooner or later. In this case, a long line in front of the store as people who want to buy the product before the price rises, or the’open run’ phenomenon of running to buy goods as soon as the store door opens will continue.
Reporter Bae Jeong-won [email protected]
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