Gucci Implements Price Increase... Ophidia and Horsebit Lines Also Up 10%

[Asia Economy Reporter Jeon Jinyoung] As luxury brands such as Chanel and Louis Vuitton raise their prices, Gucci has also joined the price hike trend.

According to the industry on the 21st, Gucci increased the prices of major products by an average of 6-10% starting today. Gucci stated, "We raised the prices of some products due to headquarters policy." This price increase comes after about a year.

The product with the largest price increase was the Marmont Small Matelass? Shoulder Bag, which rose 17% from 1,990,000 KRW to 2,330,000 KRW. The Gucci Interlocking G Mini Tote Bag increased by about 10%, from 1,550,000 KRW to 1,710,000 KRW. The Ophidia line also saw a roughly 10% increase. The Ophidia Small GG Bucket Bag rose 10% from 2,290,000 KRW to 2,540,000 KRW. The GG Supreme Shoulder Bag, known as the "Mandu Crossbag," increased 13%, from 1,760,000 KRW to 2,000,000 KRW.

The 'Horsebit 1955' line, which gained attention after being worn by celebrities such as IU, also saw a price increase. The Horsebit 1955 Shoulder Bag rose 7.9% from 3,150,000 KRW to 3,400,000 KRW. The Horsebit 1955 Mini Top Handle Bag jumped 10%, from 2,580,000 KRW to 2,850,000 KRW.

Luxury brands continue to implement price increases citing changes in pricing policies and exchange rate fluctuations. However, luxury purchases have continued to rise due to revenge spending following COVID-19, allowing the luxury industry to enjoy a boom. Kering Group, which owns Gucci, posted an operating profit of 5 billion euros (6.78 trillion KRW) last year, a 60% increase compared to the previous year. Louis Vuitton Mo?t Hennessy (LVMH), which owns Louis Vuitton, Dior, and Celine, recorded sales of 64.2 billion euros (86.4363 trillion KRW) last year, up 44% from the previous year.

This content was produced with the assistance of AI translation services.