Hermes accessories are set to get even more expensive.
The luxury label's handbags, scarves, and shoes have never been cheap, but fans can expect a price hike of around nine per cent across the entire range in the coming weeks.
The fashion industry is a little conflicted about exactly when the increase will come into effect. Workers at the label's Madison Avenue boutique say we'll pay more from early February, but employees in the Wall Street outlet say prices could jump as early as January 24. The only thing that seems certain is that the price increase is coming.
The company's chief executive officer Patrick Thomas says that the increased costs of its favorite materials, including cashmere, crocodile skin, and silk, are to blame for the jump. But we all know that Hermes goods were already much more expensive than the other accessories on the market, even the ones made with comparable materials. Surely a small cut in their margins wouldn't have hurt any?
While people continue to spend the big bucks on Hermes and add their names to the waiting lists I can't imagine Hermes will adjust its profit margins in the favor of consumers. Anyone who can already afford Hermes goodies probably won't even notice the extra couple of hundred dollars on the price tags. However if you've always coveted a Hermes item, now might be the time to indulge.
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