Chanel has implemented regular price increases, with a notable increase occurring in March 2024, where prices for iconic bags rose by 6-8%, pushing many styles over $10,000. With rising cost of raw materials and the preservation of craftspeople and their artisanal skills, where can we find the right deals featuring the French Maison?
Chanel Price Increase: How Much Have Bags Gone Up?
Between 2019 and 2024, the price of the iconic Chanel Medium Classic Flap Bag increasing from approximately £4,500 to over £8,000. While other brands have also increased their prices, what is the reason behind the much discussed Chanel price increase?
Iconic French luxury fashion brand Chanel recognised for its timeless elegance, craftsmanship and influence on global fashion. Founded by Gabrielle “Coco” Chanel in 1910, the brand revolutionised women’s fashion with its modern, minimalist designs, including the iconic Chanel No. 5 fragrance, the little black dress, and the quilted handbag.
Under the visionary leadership of Karl Lagerfeld and now Creative Director Matthieu Blazy, Chanel continues to push boundaries in haute couture, ready-to-wear, high jewellery, fragrance and fashion accessories, with unparalleled artistry and craftsmanship.
However, between 2019 and 2024, the price of the iconic Chanel Medium Classic Flap Bag surged dramatically, increasing from approximately £4,500 to over £8,000. The frequent and significant price hikes have sparked debate and strong reactions among consumers. While Hermès also increases its prices, Chanel outpaces other luxury brands in this regard. At this rate, a Medium Chanel Classic Flap could retail for $20,000 in less than five years — will luxury consumers then be willing to spend twice the amount for the same bag?
The question is, “Is it worth the price surge?” And how is this impacting the resale market? This article provides deeper insights into why Chanel continues to raise its prices and how the price increase aligns with broad trends in the luxury fashion industry.
TABLE OF CONTENTS
- Inflation and Cost of Production
- Timeline of Recent Chanel Price Hikes
- Where to get the best deals and offers on Chanel products
- Conclusion
Inflation and Cost of Production
The Chanel price hike has been steadily gaining momentum since 2008 with price surges accelerating faster in the last five years. Rising production costs and supply roadblocks due to the global pandemic-induced lockdowns drove up the cost of materials, labour, and logistics. Premium materials, such as high-quality calfskin, lambskin, and exotic leathers, and precious metals used in Chanel’s iconic handbags, jewellery, and accessories, have seen sharp price increases. Moreover, the artisanal labour required to handcraft each product has become increasingly expensive, driven by higher wages and the dwindling availability of skilled craftspeople, forcing the brand to reassess its pricing structure to maintain profitability.
One must argue here that despite rising expenses, Chanel has steadfastly maintained its commitment to impeccable craftsmanship and exceptional quality. The luxury fashion brand continues to invest heavily in its artisanal workforce, training new generations of skilled artisans in traditional techniques to ensure every Chanel product meets the exacting standards of luxury consumers. Additionally, Chanel insists on sourcing the finest raw materials, prioritising sustainability and ethical production practices, which incur additional costs. By adhering to this unwavering dedication to excellence and craftsmanship, Chanel justifies its pricing strategy to consumers who value authenticity, heritage, and enduring quality over transient trends and mass-produced alternatives.
Timeline of Recent Chanel Price Hikes
Per Sotheby’s ‘The Chanel 2.55 was first sold in 1955 for $220. Fast forward to 2024, and the same bag now sells for $10,800. The Chanel Classic Flap was released in 1983 and sold for about $1,000 in the 1980s. The price for the same Medium Chanel Classic Flap bag is now $10,800 after the price increase in 2024… Chanel has been regularly raising prices on all of its classic styles including the Chanel Reissue, Wallet on Chain and Boy Bag. Chanel Wallet on Chain and Boy bag prices have increased at a slightly slower rate.’
Between 2020 and 2025, Chanel has implemented several price hikes on its iconic handbags, notably the Classic Flap, Boy, and 2.55:
- May 2020: Chanel raised prices by 5-17 percent across styles, including the 11.12, 2.55, Boy, Gabrielle, and 19 bags.
- July 2021: The 19 bag experienced a 10 percent price increase while Flap bags saw a 15 percent rise.
- November 2021: Classic Flap and 2.55 bags underwent a12-15 percent increase within three months.
- March 2023: The Classic Medium Flap bag’s price surged by 16 percent, reaching $10,200.
- March 2024: The Chanel Classic Flap bags saw a 6-8 percent rise, with all styles retailing for over $10,000. The Classic Mini Square and Classic Mini Rectangular Flap bags increased by 6 percent, priced at $5,000 and $5,200, respectively. The Classic Medium Flap bag experienced a 6 percent jump, reaching $10,800. The Chanel Boy Bag line increased by 4-5 percent, now retailing between $6,400 and $7,300.
Speculation arises about a price hike in 2025 as Chanel has a history of biannual price revisions. Per Sotheby’s, Chanel CFO Philippe Blondiaux reaffirmed this strategy, stating, “We usually revise our prices twice a year. That’s what we’ve always done and will continue to do.”
Where to get the best deals and offers on Chanel products
If you’re seeking cost-effective, genuine Chanel handbags without compromising on authenticity and quality, there are several retailers and online platforms worth exploring. Pre-loved luxury websites such as Vestiaire Collective ReBag and The RealReal offer authenticated second-hand Chanel bags at competitive prices. Department stores such as Harrods and Selfridges run seasonal sales or promotions that include Chanel.
Auction houses like Sotheby’s always have a curated selection of the top Chanel bags available for immediate purchase. Sotheby’s also sells Chanel bags at auction in New York, Paris, Zurich and Hong Kong. Expect to find rare and collectible Flap and Mini Flap bags. Prices for Chanel bags start at $3,000, with the Micro Mini Flap bag representing the entry-level option. Prices for the most sought-after limited-edition and rare Chanel pieces range from $15,000 to $30,000.
PRO TIP: Ensure authentication certificates or verification processes accompany the purchase to guarantee you’re investing in an original Chanel product.
Conclusion
Chanel’s pricing is built around maintaining exclusivity and prestige, consistently implementing regular price hikes across its most sought-after items, including the Classic Flap, Boy, and 2.55 handbags. These frequent price surges, often ranging from 5 percent to 17 percent, aim to preserve the iconic French fashion brand’s luxury status, enhance resale value, and offset rising costs in materials and skilled craftsmanship. Notably, the Classic Medium Flap bag rose significantly from around £4,500 in 2020 to over £8,000 by 2025. For buyers seeking affordability, resale platforms like Vestiaire Collective and The RealReal offer authenticated Chanel pieces, often at prices considerably below retail.
Jasmeen Dugal is Associate Editor at FashionABC, contributing her insights on fashion, technology, and sustainability. She brings with herself more than two decades of editorial experience, working for national newspapers and luxury magazines in India.
Jasmeen Dugal has worked with exchange4media as a senior writer contributing articles on the country’s advertising and marketing movements, and then with Condenast India as Net Editor where she helmed Vogue India’s official website in terms of design, layout and daily content. Besides this, she is also an entrepreneur running her own luxury portal, Explosivefashion, which highlights the latest in luxury fashion and hospitality.
