Covid-19 Pandemic Triggers Price Increase in Luxury Fashion Goods

The Covid-19 pandemic has triggered changes in the sales of luxury products. While the prices of luxury fashion goods are being hiked, there has been a slash in luxury cosmetic products.

Top luxury brands from Chanel to Louis Vuitton have increased prices of some of their most coveted products as they try to make up for sales lost during the lockdown period. There has been a crushing halt of spectacular growth and luxury brands are moving quickly to protect their margins.

When is surgery necessary? Surgery for a spinal tumor is generally indicated for progressive motor weakness or loss of strength (asthenia). viagra 50 mg There are so many men who are so unsatisfied with the performance of his mate. viagra samples Older men slow down when they prices levitra reach middle age for instance while younger men keep erections for longer time periods. It dilates the blood vessels and helps to boost more blood supply during sexual arousal to cause harder erection. cheap cialis soft

Chanel stated that it was increasing prices on its iconic handbags and some small leather goods by between 5% and 17% around the world as the pandemic had pushed up the cost of certain raw materials.
Louis Vuitton’s industry power house, LMVH which was said to be enjoying sales growth in excess of 50% in China in early April has also started hiking prices of handbags in the United States and also Europe. Analysts said that the strongest brands like Louis Vuitton could be tempted to push prices up given the hit to sales from the crisis which has caused a freeze in international travel and a recession in Europe and the United States.
U.S jeweller Tiffany, which is being bought by LMVH increased prices of some of their products in South Korea by 10% on May 6, a Seoul manager told Reuters.
Luxury brands are under pressure to further align prices in Mainland China to encourage Chinese customers buy in their country since Chinese shoppers are key for luxury brands as they were responsible for 35% of global luxury spending in 2019.
According to luxury goods analyst ,  the price hike “is a strategy to defend margins” but not all labels will follow this route because it could trigger a backlash from customers.
@tribeandelan

Recent Posts

Lagos Fashion Week Set to Return for its 14th Edition

Lagos Fashion Week will return for its 14th edition from October 23 to 27, 2024. We…

2 days ago

Love, Lights, and Action: Sharon Ooja’s Cinematic Wedding Celebration

Actress Sharon Ooja Ties the Knot: A Celebration of Love and Glamour In a dazzling…

4 days ago

The Enchanting Elegance of Chioma Adeleke , Davido’s Muse #ChiVido2024

Celebrating an African Bride: Chioma Adeleke In the dazzling world of Afrobeat, where rhythm and…

4 days ago

#loveunitesus24 #crazyaboutus24 : Actress Sharon Ooja Ties the Knot In a Celebration of Love and Glamour

Nigerian actress - Sharon Ooja's love story is that of  a union of two hearts…

1 week ago

Teniola Sagoe Breaks Traditions as the Unconventional Bride

How to Stand Out as an Unconventional Bride: The Ultimate Guide to Breaking Tradition  Teniola…

2 weeks ago

Davido & Chioma Love Story Culminates in Lagos Wedding Tomorrow

The air is electric with anticipation as Afrobeat superstar Davido prepares to tie the knot…

2 weeks ago