LVMH’s top fashion brand Louis Vuitton is expected to increase prices in China by as much as 20%, as luxury labels bank on a strong rebound of Chinese demand following the easing of COVID-19 lockdowns, reports Reuters.
Louis Vuitton, the world’s biggest luxury brand, last February led the way to a string of price hikes from some of the industry’s biggest names.
Riding a wave of soaring demand fuelled by shoppers drawing on savings from pandemic lockdowns, high-end labels have been raising prices over the past few years, with Birkin bag maker Hermes flagging plans to hike prices by 5% to 10% this year, to cope with rising costs and currency fluctuations.