Yes, you heard me right: Our favourite French fashion house Chanel has confirmed that it would increase prices in Europe while slashing them in Asia to reduce the growing price difference between the stores in the two regions.
Chanel’s president of fashion, Bruno Pavlovsky said that worldwide prices will not fluctuate more than 10 per cent above or below the global benchmark, based on the Euro.
This step is taken in an attempt to harmonise the staggering price difference, caused by the weakening of the Euro.
Here’s a breakdown of the price adjustments, based on prices obtained from Chanel stores in Singapore, as well as the global prices reported by Fashionista, Bloomberg and Reuters:
Singapore (prices effective now)
Chanel Boy Medium – Previously $6,850, it now retails for $6,210.
Chanel Classic Flap Bags (The 11.12 and 2.55) – Previously $7,550, it now retails for $7,090.
Hong Kong (prices effective now)
Chanel Boy Small – Previously HKD$37,000 ($6,531), it now retails for HKD$29,700 ($5,242)
China (prices effective now)
Chanel Boy – Previously ¥32,700 ($7,208), it now retails for ¥26,000 ($5,731)
Chanel Classic 11.12 – Previously ¥38,200 ($8,423), it now retails for ¥30,000 ($6,616)
Europe (prices will be effective from April 8, 2015 onwards)
Chanel Boy – Previously priced at €3,100 ($4,633), it now retails for €3720 ($5,560)
Chanel Classic Flap Bags (The 11.12 and 2.55) – Previously €3550 ($5,305) it now retails for €4260 ($6,366)
The prices of the bags in Japan, United States, Canada, Brazil and Britain will remain the same.
Chanel will also be gradually adjusting the prices of other products such as jewellery and small leather goods before the end of 2015.
Chanel is located at is located at Ngee Ann City, #01-25/27, Tel: 6645 1900 and The Shoppes at Marina Bay Sands, L1-59, Bay Level & B1-135, Galleria Level, Tel: 6645 1950.
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