August 6, 2010

Chanel 2.55 Price Hike, Yikes

A month ago, the Chanel 2.55 bags in Europe were selling at a 20% price hike. It was rumored that the same increase would occur here in North America and Asia and it did starting this month. Currently in Canada, a small 2.55 cost $3300 CDN and medium cost $3500, and it will be increased by another $500-$600.

Why is the bag so expensive in the first place? Not only the Chanel bag is made with the belly of a lamb, but the prep work involving in making a bag has over 180 stages. The bag is then put together by hand which involve over 10 hours of work. After the bag is made, it spends about 72 hours at 60 degrees Celsius and in 95% humidity to ensure that it can withstand summers on every continent. The leather is also checked for its resistance to UV rays, tearing and water.

This isn’t a big deal for those living in upper class but it is for the rest of us. Most people already know or think that when buying designer brands, you’re mainly paying for the logo instead of the craftsmanship. This argument can go both ways, but it still doesn’t justify the Chanel purse hike considering the cost of living inflation per year on average is only 3%.

I like Chanel purses but I wouldn’t spend my own money on it because I see too many fakes on regular basis. For some reason, fake Chanels stand out more than any other designer brands. Like a random Chanel purse you see on the street, it’s very difficult to determine whether it’s just a random crackhead worth a few bucks or Amy Winehouse. But regardless, I still love the CCs.

So if you are planning to ever buy a Chanel 2.55 bag it's best to buy it early as possible as the price will just keep going up!

Do you own a Chanel bag? Would you ever spend that much on a bag? What do you think about this 20% price increase? Do spill!