Louis Vuitton To Raise Its Prices Worldwide
Due to increased manufacturing costs and global inflation.
Louis Vuitton has confirmed that it will be raising its prices this week. The cost of the house’s leather goods, accessories and fragrances will be affected around the world.
“The price adjustment takes into account changes in production costs, raw materials, transportation as well as inflation,” Louis Vuitton told Reuters. The LVMH-owned label joins Hermès and Chanel who have also altered their prices since the pandemic started.
Last month, LVMH chairman and CEO Bernard Arnault shared the company’s full-year earnings of 2021, with revenue of €64.2 billion EUR ($71.5 billion USD) — a 44% increase compared to the previous year. As a result, Arnault stated that LVMH “has enough wiggle room to raise prices.” However, he noted that they “have to remain reasonable” when it comes to the increase in prices this year.
Following the announcement of raising its costs, the French brand sent LVMH’s stock prices up by 3.58% on February 15, “hitting an end-of-close high of $694 USD,” as per Forbes.
