LVMH’s top fashion brand Louis Vuitton is expected to increase its prices in China by as much as 20 per cent.
The move comes as luxury labels bank on a strong rebound of Chinese demand following the easing of Covid-19 lockdowns. 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.
LVMH executives last month signalled limited price hikes, mainly for leather goods, to reduce price gaps between the US and Europe. “From time to time we have the possibility of doing it,” LVMH Chief Financial Officer Jean-Jacques Guiony told reporters at a company results presentation last month, noting executives have a prudent approach to price hikes and seek to avoid multiple increases.
