Hermes has made good on an earlier promise to raise its prices in Europe this year. Prices for the Hermes Birkin are set to increase between 8.78%-14.42% depending on the material and size. Additionally, prices for the Hermes Kelly will rise between 8.80%-21.92% — assuming you can even get a sales associate to offer you one, that is.
While these Hermes price hikes are significant, they pale in comparison to the gusto with which Chanel has increased prices over the last few years. Perhaps because Chanel has created a new benchmark, this Hermes announcement didn’t spark any notable pushback from consumers or fashion press. Instead, it was greeted with what I would describe as a shrug.
The steepest increases came for the wildly popular Mini Kelly, with the Mini Kelly 20 Lizard leading the pack. Other styles with high hikes included the Mini Kelly 20 Box, the Birkin Sellier Box and the Birkin 25 Ostrich. The Mini Kelly 20 Gator Satin Boreal holds its place as the priciest Hermes bag on the list of all styles gearing up for the rate hike.
It’s worth noting that all of these bags regularly trade on the pre-loved market for 3x (or more) than their listed retail prices, making them a sound alternative asset investment — even with the price increase.