Retail
That $7,000 Hermes Birkin Bag Is Heading Toward $8,000 Next Year
- Hermes CFO warns price hikes of up to 10% to come in January
- Sales surge in Asia despite lingering lockdowns in China
Hermes is considered one of the most exclusive brands in the luxury sector.
Photographer: Timothy A. Clary/AFP/Getty ImagesA Birkin bag will cost much more next year, Hermes International said as it provided further signs of the luxury-goods industry’s relative immunity from the cost-of-living crunch.
The French company plans to increase prices worldwide between 5% and 10% in January. This compares with an average increase of around 4% this year, Hermes Chief Financial Officer Eric du Halgouet told reporters on a call after the company posted sales that beat estimates. In previous years, the hike was typically about 2%, he added.