[단독] Prada aims for’coma’ to raise prices for major items by 2-3%

Input 2021.01.22 15:25

Prada bags, clothing, and shoes increased by 2-3%
Italian headquarters announces price increase to Prada, Korea
Bulgari also plans to raise gift rings and watches

Italian luxury brand Prada raised prices for major products by surprise.

According to the distribution industry on the 22nd, Prada raised the prices of major products such as bags, clothes, shoes, and accessories by an average of 2-3%.

The Prada Duet nylon bucket bag rose 2.8% from 1.39 million won to 1.43 million won. This bag is called the’Body Bag’ and has been considered a popular Prada product because of its cute shape and good storage capacity. The re-edition saffiano trim nylon hobo bag increased 3% from 1 million won to 1,300,000 won.

The saffiano leather large top handle bag also rose 0.5% from 4.40,000 won to 4,800,000 won. The large saffiano leather wallet rose 3.1% from 940,000 won to 970,000 won. Cashmere and wool Prada logo crew-neck sweaters rose 2.9% from 2.40 million won to 2.1 million won. Sports shoes and scarves were also included in the hike.

The Italian headquarters sent a notice to the Prada store in South Korea last week stating that prices for most products will be increased. Store staff informed VIPs and others of the price increase from last weekend.

When the news was delivered, Shinsegae Department Store Gangnam Branch, Galleria Department Store Luxury Shop, and Hyundai Department Store Trade Center Store were crowded with customers who visited to buy products before prices rose.

A Prada official said, “Some of the customers who heard the news of the increase called the store and asked if the stock was left or if the price had been increased.” Another Prada official said, “We have not yet announced the price increase on the official website, but customers who purchased the product through the website will receive an e-mail informing them that the price has increased in the future.” In response, an official from Prada Korea said, “We cannot confirm the price adjustment.”

Italian luxury brand Bulgari is also planning to increase the prices of rings, necklaces, and watches by an average of 2-3%, such as B Zero One Ring (1.59 million won based on 18k rose gold), which is famous for gift rings from March 1. Recently, the head office has set a price increase policy, and it is notifying newlyweds who visit the store to purchase gifts.

Luxury companies have increased prices 1-3 times a year, mainly in spring and autumn, when weddings are concentrated. It is an analysis that the atmosphere of newlyweds who were unable to travel abroad due to the coronavirus infection (Corona 19), increasing their spending on high-end gifts had an effect on the price hike.