Top designers are moving even more upmarket and hoicking their prices in an attempt to make up for losses during the pandemic, it has emerged. The strategy cashes in on a surging demand for luxury from the super-rich, many of whom have grown even wealthier during the pandemic.
The fashion industry broke out of quarantine in chic heels last week after a near 18-month absence from live shows. How much the industry has changed was revealed at Paris fashion week and, in a first by an African American designer, in New York. Apparent at both were new methods of functioning in a world changed economically and by racial justice demands.
For some, like Chanel, that has meant jacking up the price of handbags, first in May last year, citing the cost of raw materials, and again this month, with customers being asked to pay about 15% more. This comes after the company’s revenues declined 18% in 2020.