Chanel recently shocked the fashion world with a huge price increase for 2023, and we are here to break down which bags are affected and by how much. Despite being no surprise, customers are still left wondering when and if the price hikes will ever end.

Chanel's chief financial officer, Philippe Blondiaux, has provided some insight into the price increases. Last summer, he stated that the brand could implement a price increase “to account for currency fluctuations and inflation.” He also clarified that the company usually revises their prices twice a year, and this will continue to be their practice.

In 2022, Chanel still managed to experience double-digit revenue growth, despite store closures in Russia and China. Research analysts from Jefferies suggest that this success could be attributed to the 21-30% price increase on their bags over the past couple of years, as opposed to the overall volume of sales.

The price increase was significant, with the only Classic Flap under $10,000 being the small size. The Maxi now reaches the $11,000 mark. The Classics received a 16% increase, and the Coco Handle, Chanel 19, and the Pearl Crush were all given a 14% increase. This was a global increase, affecting many markets.


Below you can find the new, updated prices of Chanel Bags for 2023:

 

Classic Bags

  

New Price

Old Price

%Increase

Delta

Chanel Classic Mini Square Flap Bag

$4,700

$4,200

11.9%

$500  

Chanel Classic Mini Rectangular Flap Bag

$4,900

$4,400

11.36%

$500

Chanel Classic Small Flap Bag

$9,600

$8,200

17%

$1,400

Chanel Classic Medium Flap Bag

$10,200

$8,800

16%

$1,400

Chanel Classic Jumbo Flap Bag

$11,000

$9,500

15.8%

$1,500

Chanel Classic Maxi Flap Bag

$11,500

$10,000

15%

$1,500

Chanel Classic Flap Mini Top Handle

$5,400

$4,800

12.5%

$600

Chanel Coco Handle Mini

$5,400

$4,800

12.5%

$600

Chanel Coco Handle Small

$5,900

$5,000

18%

$900

Chanel Coco Handle Medium

 

$5,500

 

 

 

Reissue Bags

 

New Price

Old Price

% Increase

Delta

Chanel Reissue Mini Bag

$4,900

$4,400

11.36%

$500

Chanel Reissue Regular Bag

$10,200

$8,800

15.91%

$1,400

Chanel Reissue Large Bag

$11,000

$9,500

15.79%

$1,500

 

Chanel's price increases have been consistently higher than other brands, putting their bags on par with Hermès pricing and out of reach for many customers. While the brand has worked towards international price equality, the increases are still largely criticized. Despite this, the bags still tend to sell out before they even hit the shelves, indicating that many customers are still willing to buy Chanel despite the price increases.