March 24, 2021 12:31
French luxury brand Louis Vuitton has marked up prices of some products by five to eight percent in what is already the fourth price hike in Korea this year.
With every price hike, grateful customers grow even keener to throw their money at the brand.
Louis Vuitton raised the prices of the Capucines BB bags, which became popular here after actress Kim Hee-ae carried one in a hit TV series last year, by up to six percent to W5.40-6.66 million (US$1=W1,131).
The prices of the Twist bags went up by five to eight percent to W4.17-4.82 million.
The company already hiked prices three times in January and February. The "must-have" Pochette Accessoires bag went up a whopping 25.6 percent from W780,000 to W980,000, and the Alma BB handbag, which has been a steady seller, went up by four to 10 percent.
"Despite the price hikes, luxury brand stores are crowded with customers as many people go on a shopping spree after cutting down on their spending amid the coronavirus lockdown," said a department store staffer.
Consumer groups sometimes bristle at what they see as unjustified price hikes explained by neither the exchange rate nor any improvements in quality, but Korean customers lap them up and luxury labels are a seller's market. Price hikes in other countries tend to be less drastic.
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