CHANEL PRICE INCREASE IN EUROPE 2022
It’s official. Chanel’s prices have gone up in Europe on Wednesday, August 10th, 2022. According to PurseBop, prices of Chanel’s Classic Flaps in different sizes increased by an average of 9%. Here is a full breakdown of the price changes:
Item
Price in Europe before
Price in Europe after
% change
Price in Europe after (converted to CAD)
Retail Price in Canada
Chanel Classic Flap Small
€7750
€8450
+9.03%
11,079.47 CAD
10,375 CAD
Chanel Classic Flap Medium
€8250
€8990
+8.97%
11,787.50 CAD
11,050 CAD
Chanel Classic Flap Jumbo
€8900
€9700
+8.99%
12, 718.44 CAD
11,900 CAD
Chanel Mini 2.55
€4000
€4350
+8.75%
5,703.63 CAD
5,350 CAD
Chanel 2.55
€8250
€8990
+8.97%
11,787.50 CAD
11,050 CAD
Chanel Medium Boy Bag
€5400
€5900
+9.26%
7,735.96 CAD
7,225 CAD
Chanel Mini Coco Handle
€4350
€4750
+9.2%
6,228.10 CAD
6,000 CAD
Rumour has it that Chanel increased the price of some of its best-selling classics to ensure there isn’t a vast disparity in prices for the same bags across different countries. It is a part of Chanel’s global price harmonization strategy – in which Chanel price matches its merchandise across the globe.
With the recent two-decade low crash of the Euro price rendering it almost equal to the US Dollar, many tourists (especially Americans) took to Europe for their summer vacations this year.
They flocked to Paris to shop at Hermes, Louis Vuitton, and Chanel, among many other luxury brands, at prices much cheaper than those in the US. As a result, these overseas shoppers enjoyed considerable savings between the price disparity and receiving the VAT refund.
How is the resale market affected?
Over the years, as Chanel’s prices increased, the prices of Chanel bags in the resale market also followed suit to reflect the sudden increase in demand for Chanel bags. And it is safe to say that the demand for Chanel bags is higher than ever – especially since the quota system’s implementation in June 2022 (read all about it here).
The ever-increasing prices and scarcity of Chanel bags at the retail level led to a steep decline in access to these covetable bags; as a result, many have turned to the resale market to access the bags that aren’t available to them in the boutiques.
What are your thoughts on the Chanel price increase in Europe? This would be Chanel’s second price hike in Europe in six months (the last increase was March 1st, 2022); what do you think these higher prices mean globally for Chanel fans?
