Chanel, Hermès, Prada to hike prices in the new year

A couple leaves a Hermès store in Paris with shopping bags. Picture taken in 2013. [REUTERS/YONHAP]

French high fashion brand Hermès kicked off the new year by raising its prices in Korea, with many other luxury brands expected to follow suit.

Hermès upped the prices of some of its shoes on Monday, industry insiders said Tuesday.

The brand’s “Oran” sandals, crafted with lizard leather, now cost 3.52 million won ($2,685), up 44 percent from their 2023 price of 2.45 million won. The “Royal” loafers price increased from 1.52 million won to 1.74 million won, a 14.5 percent increase.

Hermès had raised the prices of various products, including bags and clothes, by 5 to 10 percent on Jan. 4, last year.

Swiss watchmaker Rolex also increased the prices of its staple goods sold in Korea, including its Datejust model, on Monday by around 8 percent.

Rolex affiliate Tudor also raised prices by around 2 percent Monday following its price hikes in January and September last year.

Prada will raise prices on Wednesday, by an expected 5 to 10 percent. Industry insiders say Chanel will also hike rates for its watches and jewelry by 4 to 5 percent starting Tuesday.

Delvaux and Buccellati are also expected to raise prices on Monday.

Tiffany & Co. is expected to raise its jewelry prices by around 5 percent on Jan. 11, and Fendi is likely to up the prices of selected goods starting Jan. 12.

BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]