SHANGHAI/PARIS: LVMH's top fashion brand Louis Vuitton is expected to increase prices in China by as much as 20 per cent, as luxury labels bank on a strong rebound of Chinese demand following the easing of COVID-19 lockdowns. Louis Vuitton, the world’s biggest luxury brand, last February led the way to a
SHANGHAI/PARIS: LVMH's top fashion brand Louis Vuitton is expected to increase prices in China by as much as 20 per cent, as luxury labels bank on a strong rebound of Chinese demand following the easing of COVID-19 lockdowns.
Riding a wave of soaring demand fuelled by shoppers drawing on savings from pandemic lockdowns, high-end labels have been raising prices over the past few years, with Birkin bag maker Hermes flagging plans to hike prices by 5 per cent to 10 per cent this year, to cope with rising costs and currency fluctuations.
Users of the Xiaohongshu site, known in the industry as Little Red Book, often cite sales associates for the fashion labels and have a track record of correctly predicting price increases but do not always specify their sources. "From time to time we have the possibility of doing it," LVMH chief financial officer Jean-Jacques Guiony told reporters at a company results presentation last month, noting executives have a prudent approach to price hikes, and seek to avoid multiple increases.
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