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Today, Chanel increased its prices for 2023, and we are here to share which bags are affected and by how much. It came as a surprise to absolutely no one, but considering the latest hikes for Chanel bags, it's hard not to wonder when and if the price increases will see an end. Chanel 2023 Price Increase Explained Chanel's chief financial officer, Philippe Blondiaux, has shared insights into the Chanel price increases. Last summer, he said the brand could implement a price increase "to account for currency fluctuations and inflation. " Moreover, he hasn't shied away from speaking on the increase in being a part of the brand. The twice-a-year increase has become something expected by customers over the past years as common practice. When asked about the increase's reasoning, Blondiaux shared with WWD that "We usually revise our prices twice a year. That's what we've always done and will continue to do. " In 2022, Chanel maintained the double-digit revenue growth it has accustomed to, even with the closure of stores in Russia and China. However, when looking at the numbers, research analysts for Jefferies shared that the sales uplift the brand has seen could be due to the 21-30% increase in pricing on its bags over the past couple of years versus the overall volume in sales. The New Chanel Prices and What is Affected The increase was steep! Steep enough that the only Classic Flap under $10,000 is the small size, with the Maxi reaching the $11,000 mark now. The Classics were hit with a 16% increase, soaring prices above $10,000 for most. The Coco Handle, Chanel 19, and the Pearl Crush were all given a 14% increase across the board. 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 $600 12. 5% 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 Boy Bags New Price Old Price % Increase Delta Chanel Small Boy Flap Bag $6,100 $5,400 12. 96% $700 Chanel Medium Boy Flap Bag $6,600 $5,900 11. 86% $700 Chanel Large Boy Flap Bag $7,000 $6,200 12. 90% $800 Wallet-On-Chain Bags New Price Old Price % Increase Delta Chanel Classic WOC Bag $3,350 $2,950 13. 56% $400 Chanel Boy WOC Bag $3,425 $3,000 14. 17% $425 Chanel 19/22 Bags New Price Old Price % Increase Delta Chanel 19 Small Bag $6,400 $5,700 12. 28% $700 Chanel 19 Large Bag $6,800 $6,300 7. 94% $500 Chanel 19 Maxi Bag $7,500 $6,900 8. 70% $600 Chanel 22 $5,800 $5,300 9. 43% $500 Impact on the Chanel Consumer [*] The Coco Handle is a seasonable handbag and is currently not available in sizes other than the small size. The price increases are partly due to Chanel's desire to become more exclusive. However, the rate at which these bags have increased has turned many off. Customers of the brand have a hard time stomaching paying nearly $1,000 more for the same bag overnight. Additionally, the frequency and the secrecy of the price increases have some turned off as well. One user on our forum shared that "when Tiffany's had a price increase, my SA let me know weeks in advance. I feel like Chanel just wants us to keep spending more. I just can't help but feel like I'm in an emotionally abusive relationship. " While other brands also implement increases, Chanel seems to be in a league of its own with the percentage and consistency of increases. Though the brand has worked for worldwide price equality, the new prices put these bags on par with Hermès pricing and as reported by many, out of reach.Final Thoughts While many feel negative about the price increase, plenty will begrudgingly pay more for the bags they have been eying and others won't even bat an eye. Chanel understands its core customer well, one they will confidently retain while reaching new luxury customers. In-store, plenty of bags are still sold before they ever hit the shelves, letting you know that while these increases are a broadly criticized practice by the brand, it isn't pricing out its core audience from buying Chanel.

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