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Volition Kering and Hermes follow Louis Vuitton's lead on prices?
Stock Markets17 hours agone (Feb sixteen, 2022 01:31PM ET)
© Reuters. FILE PHOTO: The logos of French luxury group Kering and fashion house Balenciaga are pictured on Kering headquarters in Paris, France, April twenty, 2020. REUTERS/Charles Platiau
By Mimosa Spencer
PARIS (Reuters) -When Gucci-owner Kering (PA:) and Hermes report earnings this calendar week, investors will be looking for signs that the big luxury fashion groups are confident that wealthy shoppers are willing to pay higher price tags for designer accessories.
Rival Louis Vuitton, the world's largest luxury label, raised its prices on Wednesday, citing college manufacturing and send costs - 1 of the start major luxury brands to do and then this year.
The LVMH-owned label increased prices worldwide by around 7% overall, and past around eight% for leather goods, analysts at Exane BNP Paribas (OTC:) said. The price of popular handbags similar the Coussin, Neverfull and Capucines rose by 20-25%, the analysts said.
The gap between the brand's prices in Europe and Communist china -- where luxury goods from Europe tend to toll more -- remained relatively unchanged, at an average of 41% versus xl% previously, the analysts added.
Luxury goods groups often cite efforts to reduce price differences between regions as a justification for any adjustments.
Pricing ability could emerge as a key driver of revenue growth once more in 2022 for the top tier of the fashion and leather goods industry, following a string of price hikes in 2022 and 2020.
Consumers came out of lockdowns eager to spend their cash on luxury fashion and accessories, after months of being stuck at home. Brands are taking reward of that spending power to brand their wares even more than costly and sectional.
Bloggers on Prc's social media platform Xiaohongshu are forecasting college prices from Kering profit engine Gucci from equally presently every bit Friday. Gucci'due south modest Marmont shoulder bag, which currently costs 16,500 yuan ($2,602), is seen going up around iii%, while other Gucci accessories could climb 10-xv%.
Users of the Xiaohongshu site, known in the industry every bit Piddling Red Volume, oft cite sales associates for the fashion labels and take a track record of correctly predicting cost increases but practice not always specify their sources.
Kering'south Balenciaga already raised prices in early on January in China, according to the Xiaohongshu site. The cost of the characterization's curvy Hourglass handbags in size small and extra-small, for instance, has risen by 3.5-4% to 17,500 yuan and 11,550 yuan respectively.
Kering declined to comment, noting it is in a closed period alee of its annual earnings on Thursday.
Hermes told Reuters it would exist likely to accost the pricing issue when information technology reports earnings on Friday, denying analysts' reports that the company had already increased prices last month by 3% to x%.
Chanel raised the prices of some of its nearly sought after handbags three times last twelvemonth, with its small classic handbag now costing around $8,200, or 60% more in 2019.
"This yr is probable to bring a virtuous circle of pricing power and brand desirability," UBS said in a note to clients.
Kering is expected to written report organic sales growth of 20% over the 4th quarter, HSBC has forecast, helped by marketing investments generating buzz around Gucci's 100th anniversary last year.
Sales at Hermes are expected to rise 12% at constant foreign commutation rates over the menses, HSBC said.
($ane = 6.3399 renminbi)
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Source: https://www.investing.com/news/stock-market-news/will-kering-and-hermes-follow-louis-vuittons-lead-on-prices-2764976
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