It is true: Louis Vuitton is raising its prices. Last month, the luxury giant raised prices by an average 12 percent in Japan, and now is applying similar increases to many of its non-leather handbags in most of its main markets.
The Paris-based luxury design brand, which is owned by Paris-based LVMH Moet Hennessy Louis Vuitton, has raised prices on bags such as its classic Speedy bag and its popular Never Full by about 10 percent in the euro region, according to a recent report by Bloomberg. To be specific: "Vuitton raised prices by at least 10 percent in the U.K. and U.S., and by 5 percent to 10 percent in Asian markets including China, Hong Kong, Taiwan and Singapore." According to LVMH Chairman and Chief Executive Officer Bernard Arnault, the euro’s strength against some currencies may lead LVMH to charge more. Analysis predict that Vuitton’s 2013 sales may rise 6 percent, while volume may decline 2 percent to 3 percent.