Chanel has released its new pricing structures for 2024. We knew it was inevitable, as Chanel’s chief financial officer, Philippe Blondiaux, signaled two years ago that Chanel was going to implement regular, bi-annual price increases “to account for currency fluctuations and inflation.”
While Chanel has continued to cite inflation and the ever-increasing rise in the cost of both materials and labor, its exorbitant price hikes have consistently come under fire from critics and fans alike.
Still, the brand instills yearly price increases as it aims to further align itself at the top of the luxury food chain, sitting with the likes of Hermès.
The Classic Flap and Reintroduction of the 11.12
Ahead of this 2024 increase, Chanel has once again campaigned to prove to its fans that its Classic Flap, which now retails for $10,800, a whopping 86% higher than its 2019 price of $5,800, is a great investment.
Ahead of its Fall/Winter 2024 show, the brand released a new campaign starring Penelope Cruz and Brad Pitt to emphasize the timelessness and value of the iconic Classic Flap. It’s also important to note that Chanel renamed the Medium Flap to the 11.12, which is a nod to the old name.
Bruno Pavlovsky, President of Fashion at Chanel, told WWD, “Price increases can become an issue when the quality doesn’t match the cost,” going on to insist that the House works hard to increase the quality and craft of its products.
Pavlovsky believes that its brand loyalists will understand, despite fans continuously lamenting that the excessive price increases are not warranted, citing quality control issues and the trend towards investing in vintage Chanel instead of new.
The 2024 Price Increase In Numbers
The increase affects all Chanel bags across the board, but the percentage increase is far lower than what we’ve come to expect in the past few years. Last year, the Classics were hit with a 16% increase on average, while this year only sees a 6.7% increase for the classic styles.
This marks a significant shift in pricing strategy, a trend consumers hope will cause other fashion houses to follow suit.
| Classic Bags | New Price | Old Price | % Increase |
| Chanel Classic Mini Square Flap Bag | $5,000 | $4,700 | 6.4% |
| Chanel Classic Mini Rectangular Flap Bag | $5,200 | $4,900 | 6.1% |
| Chanel Classic Small Flap Bag | $10,400 | $9,600 | 8.3% |
| Chanel Classic Medium Flap Bag | $10,800 | $10,200 | 5.9% |
| Chanel Classic Jumbo Flap Bag | $11,700 | $11,000 | 6.4% |
| Chanel Classic Maxi Flap Bag | $12,300 | $11,500 | 7.0% |
| Chanel Classic Flap Mini Top Handle | $5,600 | $5,400 | 3.7% |
| Chanel Coco Handle Mini | $5,600 | $5,400 | 3.7% |
| Chanel Coco Handle Small | $6,200 | $5,900 | 5% |
The Maxi Classic Flap now retails for a whooping $12,300, priced right in the same ballpark as a 30cm Hermès Togo Birkin.
| Boy Bags | New Price | Old Price | % Increase |
| Chanel Small Boy Flap Bag | $6,400 | $6,100 | 4.9% |
| Chanel Medium Boy Flap Bag | $6,900 | $6,600 | 4.5% |
| Chanel Large Boy Flap Bag | $7,300 | $7,000 | 4.3% |
The Boy bags increased by less than 5%, a figure that is right in line with the US’s 2023 inflation rate of 4.1%.
| Chanel 19 Bags | New Price | Old Price | % Increase |
| Chanel 19 Small Bag | $6,600 | $6,400 | 3.1% |
| Chanel 19 Large Bag | $7,300 | $6,800 | 7.4% |
| Chanel 19 Maxi Bag | $7,900 | $7,500 | 5.3% |
A similar story is told for the Chanel 19 lineup of bags.
| Chanel 22 Bags | New Price | Old Price | % Increase |
| Chanel 22 Mini Bag | $5,000 | $5,000 | – |
| Chanel 22 Small Bag | $5,500 | $5,500 | – |
| Chanel 22 Bag | $5,800 | $5,800 | – |
| Chanel 22 Large Bag | $6,300 | $6,300 | – |
| Chanel 22 Large Backpack | $5,800 | $5,800 | – |
Where Do We Go From Here?
Despite the ever-increasing prices, demand for Chanel continues to skyrocket, with plenty of bags still sold before they ever hit the boutique, letting you know that while shoppers are highly critical of its practices, it isn’t pricing out its core customers, and that is exactly who Chanel continues to cater to.
We’ll continue updating this article once more information becomes available.
You can also stay updated on tPF over in the Chanel Price Increase master thread.
