Despite record sales in 2021, Louis Vuitton announced it is raising its prices this week in response to increased manufacturing costs and inflation.
The fashion brand’s decision will affect the price tag of Louis Vuitton leather goods, accessories, and fragrances across the globe.
“The price adjustment takes into account changes in production costs, raw materials, transportation as well as inflation,” Louis Vuitton said in a statement to Reuters.
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LVMH, Louis Vuitton’s parent company, reported a 44% increase in 2021 sales compared to 2020 with a revenue of $71.5 billion.
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News of the rising price tags sent LVMH stock prices up nearly 3.6% on Tuesday, reaching a closing high of $694.
