Cosmetics and luxury brands hike up prices

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Cosmetics and luxury brands hike up prices

Imported cosmetics and luxury brands have hiked up prices this month, blaming the increases on growing costs for raw materials and labor.

Global cosmetic brand Estee Lauder pushed up price tags of several skin care and eye shadow products by an average 2 percent. The list included all-time best seller Advanced Night Repair serum, also known as “the brown bottle” among local consumers. Its price from the start of the month has been 99,000 won ($87.51) per 30-milliliter bottle, a 2 percent increase from the former 97,000 won.

Another best-seller, Lightweight Re-Nutriv Creme, had 10,000 won added to the price tag to total 500,000 won. Prices for Micro Essence Skin and Pure Color Envy eye shadow each increased by 1,000 won to 140,000 won and 33,000 won.

“Like other companies, we examine and decide on our product prices on a regular basis to consider cost factors,” said a spokesman for Estee Lauder Korea. “The recent hike was prompted by increases from various expenses and costs.”

Estee Lauder Companies’ other subsidiaries like Mac, Aveda, Bobby Brown, La Mer and Lab Series also raised prices. Some of Mac’s eye and lip color cosmetics in the 20,000 to 30,000 won range increased between 1,000 and 3,000 won from their original prices. The group’s premier skin care brand La Mer pushed up the price for bestseller Creme de La Mer from 385,000 won to 392,000 won.

Another official at ELCA Korea, the global beauty giant’s Korean office, said that the increases were due to soaring costs from raw materials and labor costs.

The iconic luxury brand Chanel also lifted prices for some of its best sellers this month, with the biggest hike reaching 17 percent. This figure was the increase rate of the brand’s moccasin loafers, with price tags adjusted to 890,000 won from 760,000 won.

Bags from steady-selling lines were part of the list too: a medium-sized Chanel 2.55 was raised 4 percent from 6.7 million won to 6.9 million won while a 3.8 million won Mademoiselle Vintage was repriced to 3.86 million won.

“Chanel bags are popular among brides and the price hike is apparently timed to coincide with the wedding season,” an industry source said.

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