Coronavirus, murder wasps, and May snowstorm headlines seem unbelievable but are part of our reality. Chanel raising prices 17% this month across all categories worldwide is a myth.
Uncovering facts relating to Chanel is difficult during the best of times but is exponentially difficult in a state of worldwide lockdown. Our requests for information from Chanel have been unanswered and all of our high-level retail sources have not received any communications from Chanel relating to a price increase.
As is the case with most falsities, there is a layer of truth relating to Chanel adjusting prices. It’s our belief that there will be Chanel price adjustments but the amounts will likely relate to currency values in a specific country. It seems as if the EU nations will likely see a moderate rise in prices and the US will likely see a much smaller adjustment following the opening of stores, in June. Australia is likely to be the hardest-hit when it comes to price adjustments. Asia and the Middle East are also susceptible to considerable currency-related shifts.
Raise prices during a global pandemic seems counterintuitive but the initiative is most logically an attempt to maintain worldwide inventory levels. As economies open, customers will seek out the most opportune location to make a Chanel purchase. A price adjustment assures that shoppers patronize their local stores rather than flock to foreign retailers and devour the inventory in a single region.
We will be sure to keep you updated as this story unfolds. You can click on the image below to see the history of Chanel pricing and what it would look like if prices were to go up 17%.
This week, retail casualties mounted as J. Crew and Neiman Marcus officially filed for bankruptcy protection. Lord & Taylor also announced that they will begin liquidating stores as they open. Mark Cuben started a research project where he employed secret shoppers to investigate the Dallas retail scene. He found that only 36% of retailers immediately opened for business and 96% of stores failed to comply with state guidelines.
In shopping news, local retailers are beginning “pre-designer” markdowns. Saks, Neiman Marcus, and Bergdorf Goodman are all offering about 40% off on brands like Zimmerman, Etro, Balmain, and Isabelle Marant. We spotted these Manolo Blahnik pumps for $266 from $665 and We Wore What bathing suits are all 40% off.
On the other side of the Atlantic, 24S has discounts of 40% off on a cross-section of designer merchandise. The entire edit and code are here. Italian retailer D’aniello is offering shoppers 35% off designer items. You can review our earlier post to see what’s included and use the code MOON35PS to engage the savings. Tessabit added products to its 40% off and 50% off private sales.
Don’t miss, Saks Off 5th‘s great selection of Missoni scarves, turbans, scarves, and accessories reduced up to 80% off. Lots have already sold out but there are still some good options.
Looking forward to next week, Ssense will begin its seasonal markdown on Monday. We suggest you begin browsing right now and edit your cart over the weekend. We are also keeping an eye on Nordstrom, which continues to drop prices on assorted merchandise. This Saint Laurent lipgloss is $22 from $32 and these L. Erikson barrettes are adorable at $9 from $23.
Happy Mother’s Day!! Until next week… Same time, same place?