Targeting Year-End Gift Demand... Luxury Industry Implements 'Gradual Price Increase'

IWC to Increase Prices by 4-5% Starting Next Month
Tasaki Also Raises Prices by 25-66%

Luxury brands have started raising prices ahead of the year-end. They plan to capitalize on the strong demand for gifts during the year-end and New Year period by increasing prices to secure a definite surge in sales.

According to the luxury industry on the 12th, luxury watch brand IWC will raise domestic prices of the Mark series and Portofino by about 4-5% starting next month. The Mark series will see a 4% price increase, and Portofino will increase by 5%. The Mark series and Portofino are considered entry-level lines among IWC products due to their relatively lower price range. The base model price of the Mark series is expected to rise from 7.3 million KRW to 7.6 million KRW, and the base model price of Portofino will increase from 6.7 million KRW to 7 million KRW.

Portofino Hand-Wound 8 Days [Photo by IWC Official Website Capture]

Japanese jewelry brand Tasaki, famous for pearls, is also expected to raise product prices by an average of 25-66% between as early as the 20th of this month and early next month. French watch and jewelry brand Cartier, part of the Richemont Group, will increase prices of all products by up to 18% starting from the 1st of next month. This is Cartier’s second price increase this year since April.

Earlier, on the 26th of last month, leading luxury brand Tiffany & Co. raised prices of major domestic products by 5-10%. Tiffany & Co. had previously increased prices in February and June, and raised them once more last month.

News of Chanel’s price hikes, which occur more than twice a year, is also likely. Chanel raised prices twice in February and May this year, and last year increased prices of major products by about 3-17% in January, March, August, and November. Since Chanel recently raised prices of classic handbags in some overseas countries such as Australia and Japan this month, it is expected that prices will be raised domestically soon as well.

Additionally, LVMH Group’s Louis Vuitton perfume ‘Le Jour Se Lev’ recently increased its price by about 10%, from 410,000 KRW to 450,000 KRW per 100ml.

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