Update January/ February 2023 Price Increase
It’s the first month of 2023 and we have already seen several luxury brands increases, including Hermès. It seems like Louis Vuitton also has a price increase coming this January. The rumor is that on the 20th of January the prices will increase. At the moment we don’t have more information regarding the percentage increase, but we will update this article and Louis Vuitton’s price list as soon as we know more, so stay tuned!
As of February 2023, the prices in Europe have increased with between 1 and 7% (but on average with 3%). Check out this article for the full table with the new European prices.
If you are a designer/luxury lover you are no stranger to frequent price increases. For example, Chanel has increased its prices 3x during 2021, taking its Jumbo Classic Flap to almost $10.000. Louis Vuitton is also not a stranger to price increases – its last price increase was in October 2021 and there’s already rumors of a new price increase. At this point in time is seems like the top fashion houses are not only increasing their prices once a year but every few months – which of course it’s not great for us designer aficionados.
UPDATE FEBRUARY PRICE INCREASE
It happened, Louis Vuitton increased its prices on the 16th of February 2022 for both canvas and leather bags and accessories. The price increases varied from 4% to 30% for some bags. Neverfulls, Almas and the Coussin bags were among the worst affected with an at least 20% price increase. Some Speedys seem to not be affected by the price increase, but we are not sure if that’s a fact or if Louis Vuitton hasn’t updated the prices for all products yet. We will update the table continuously in the next few days.
Without further ado, this is a table with Louis Vuitton’s price increases in February 2022. Let us know which one is the most shocking for you.
Louis Vuitton February 2022 Price Increase
|Bag||Old Price||Price February 2022||Price Difference||Price Increase %|
|Alma BB canvas||1620||1760||140||9%|
|Alma BB (epi/all colors)||1820||2370||550||30%|
|Speedy 20 canvas||1820||2030||210||12%|
|Speedy 25 canvas||1350||1490||140||10%|
|Speedy B 30 canvas||1740||1890||150||9%|
|Speedy B 35||1800||1960||160||9%|
|Pochette Metis (Monogram)||2360||2570||210||9%|
|Multi Pochette Accessoires||2360||2570||210||9%|
|Felicie Pochette Canvas||1240||1620||380||31%|
|Felicie Pochette Epi||1310||1620||310||24%|
|Palm Springs Mini||2300||2440||140||6%|
Why is Louis Vuitton so expensive & still increasing their prices?
To understand why LV can charge as much as they do for their accessories and still be able to increase their prices yearly – we first have to look at the history of the brand. The fashion house of Louis Vuitton was founded in France in 1854 by Louis Vuitton Malletier. A few years later, in 1859, the early success of the company which at the time was specializing in luggage, allowed them to open a new site in Paris, home for 20 employees. In 1896, the son of Louis Vuitton, Georges patens the famous LV monogram – ironically to prevent copy-cats from stealing their design. In 1914, Louis Vuitton opens their flagship store on Champs-Élysées and becomes one of the world’s most exclusive luggage makers. It wasn’t until the 1930s that LV has introduced handbags in their portfolio. The Speedy and Noé were the first handbags introduced by the fashion house and remain in their heritage collection today.
In 2021, the value of the brand has increased further despite the pandemic and it was one of the main contributors to its parent company LVMH together with Dior. The rich history of Louis Vuitton is one of the main reasons why the brand is able to increase its prices and still have a cult following.
Although there are always some quality complains, in general Louis Vuitton is known for its quality, sturdy pieces which are a legacy of its original luggage. Their patented coated canvas material is known to be almost indestructible and a great choice for those who want an everyday bag that doesn’t need babying.
History and quality are one of the most important elements of a luxury house but one cannot be successful without a group of people who love and support your brand. We found Louis Vuitton’s fans one of the most loyal in the luxury world and they will support their brand regardless of the frequent price increases. In fact, price increases also serve as a way to convince customers to buy a certain piece now, before the price will rise again. What’s different at Louis Vuitton compared to other high-end fashion houses like Chanel and Hermès is that they have a relatively big portfolio of entry level pieces, which means that younger people will become “hooked” on the brand and progressively buy more expensive pieces.
Infographic – Louis Vuitton Price Increases
The Speedy – Louis Vuitton’s first handbag
The Speedy was Louis Vuitton first piece that was designed for everyday use, as the previous bags were intended for travelling. It was created in 1934 and was released in the in size 30, which is still available today. The names of the Speedy are a reference of its size in centimeters, so the Speedy 30 has 30 cm (aprox 18 inches) in width.
|NANO SPEEDY||6.3 x 4.3 x 3.5 inches||$1,320.00|
|SPEEDY BANDOULIÈRE 20||7.9 x 5.1 x 4.7 inches||$1,890
|SPEEDY 25||9.8 x 7.5 x 5.9 inches||$1,350|
|SPEEDY BANDOULIÈRE 25||9.8 x 7.5 x 5.9 inches||$1,690
|SPEEDY 30||11.8 x 8.3 x 6.7 inches||$1,370
|SPEEDY BANDOULIÈRE 30||11.8 x 8.3 x 6.7 inches||$1,740
|SPEEDY 35||13.8 x 9.1 x 7.1 inches||$1,390
|SPEEDY BANDOULIÈRE 35||13.8 x 9.1 x 7.1 inches||$1,800
The iconic Aubrey Hepburn requested a smaller Speedy and that’s how the Speedy 25 was born in 1959. The smaller size became popular almost immediately due to its practicality and of course due to Hepburn’s influence. The success of the line continued throughout the years and in 2011, the Bandoliere was launched. “Bandoliere” simply means “with a strap”, making the iconic speedy even more wearable – Speedy B is more expensive than the classic Speedy – for example for a Speedy 25, you will pay approximately $300 more for the privilege of having a strap.
Louis Vuitton Speedy Price History 1979-2022
As mentioned, the Speedy has remained one of Louis Vuitton’s most popular bags, which is impressive considering it was also the brands’ first handbag. It has seen many price increases throughout the years. For example in 1979 a Speedy 30 was only $150 which accounting for inflation means $599 in today’s dollars. The last few years were full of price increases, between 5-10% annually and as much as 18% in October 2021. This has taken the price of a Speedy 30 to $1370 and the price of a Speedy 25 to $1350 in 2022. There were actually rumors of a new price increase in January 2022 but luckily it hasn’t happened.
Louis Vuitton price increase in 2022?
However, we expect that Louis Vuitton will have another price increase this year – the only question is by how much. If we look at historical data, the average annual price increase is closer to 5% which means that the Speedy 30 could potentially cost $1450 in 2022. However, we also know that Louis Vuitton has in the past increased their prices to some items (like the Pochette Metis) by as much as 20%. In such a scenario, the price of a Speedy 30 in 2022 could even be $1650.
This is all speculation, as far as we know Louis Vuitton can in theory even decrease their prices (wouldn’t that be a dream?!). However, the above analysis is based on the historical price increases as well as the luxury market in general with many luxury brands having frequent price increases.
That being said, as much as we dislike price increases – they do make the brand more desirable and makes buying a Louis Vuitton bag a good investment.
Is buying a Louis Vuitton Speedy a good investment?
If you’re purely looking at a Speedy as a financial investment, we recommend you invest in something else – like bonds and stocks. However, if you’re looking for a handbag that is an investment into your wardrobe – as in – you can wear it for years to come then the Speedy might be the bag for you. It has been around for so long, almost 100 years, which means that it’s a classic style that won’t go out of style.
Furthermore, the frequent price increases might make this bag an actual investment. For example, if you bought a Speedy 30 in 2002 for $430 ($676 in today’s dollars) and took excellent care of it, you might be able to sell it today for around $1000 which is $324 in profit. Again, this has a few assumptions: that you took excellent care of your bag and kept it in near perfect condition, that you’re able to sell it at $1000 and that you’re not paying any fees for the sale. As you can see, it’s not a guaranteed profit by any means – but in our opinion, it beats buying cheaper handbags that you’ll most likely have to donate because no one is going to buy it. Think of it as the most eco friendly option if you will.
What do you think? Is buying a Louis Vuitton bag a good investment or not? Are you fed up with all the price increases or are you loyal to the brand?
It seems like the rumors were true and Louis Vuitton is increasing the prices of their canvas bags with as much as 20%, but most between 5-10% according to our sources. We’ll update the prices as soon as we know more.
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