Uh-Oh: Chanel Bags Are About to Get That Much More Expensive
File this one away under things we don't want to hear on a random Tuesday: The price of Chanel bags is about to escalate in Europe. According to a statement the brand gave to Fashionista, in an attempt to normalize prices of their accessories internationally, some changes need to be made in Europe and Asia. The unfortunate result: bigger price tags.
Here's the economics behind things: As the value of currency fluctuates from country to country, the cost of any product is sure to vary. But because of rapidly changing currency values in Asia, the price of Chanel's products there recently skyrocketed way beyond what the same items cost everywhere else. To counteract this, starting April 8, Chanel is lowering prices of their pieces in Asia—and raising them elsewhere.
For example, the Chanel Boy bag right now costs the equivalent of about $3300 in Europe, but $5234 in China. (The same bag!) Chanel plans to raise the cost of the bag in Europe to about $3900—and lower it in China to $4200.
If you're not traveling to Europe any time soon, this could still have an impact on anyone who shops online retailers that operate out of Europe. Better snatch up all those Chanel bags before April 8!
Do you have any plans to buy a Chanel bag any time soon? Tell us in the comments below!