15 Feb 2022
Louis Vuitton to Hike Prices as Supply Chain Costs Surge
The Index Today
Luxury French fashion brand Louis Vuitton is set to raise the prices of their products on account of mounting production and transportation costs. The company’s spokesperson in China confirmed the same in a statement to Reuters.
"The price adjustment takes into account changes in production costs, raw materials, transportation as well as inflation," the statement said.
The price hike will apply to all the goods manufactured by Louis Vuitton including perfumes, leather products, and accessories. This move will also make the French company one of the first notable fashion brands to raise costs this year in an attempt to cushion their margins in the face of rising inflation.
This comes as luxury brands continue to monetize the rising demand for top-tier fashion during the ongoing COVID-19 pandemic to propel their companies to the forefront of global markets.
©Photo: Financial Times