Hermès kicks off the year with global price hikes.
Before you could even shake off the New Year’s hangover, Hermès dropped its annual price increases—earlier than expected. While clients were used to a gradual rollout starting in February, 2024 came with a surprise: prices began climbing in early January.
Price Adjustments Across the Globe
Traditionally, North American clients received a slight grace period, but this year’s hike aligns more closely with global timing. Europe and Asia saw increases around the holidays, and now the U.S. and other regions are on the same calendar—even if the percentages differ.
In the U.S., leather goods went up on January 2, followed by footwear and ready-to-wear shortly after. The Herbag Zip Cabine, for example, jumped 10.2% to $5,400.
Why Are Prices Rising?
Hermès attributes the hike to rising costs of raw materials and labor. But the brand has long embraced price increases as part of its luxury model—and it’s not alone. Luxury fashion has normalized yearly adjustments as part of its business rhythm.
How Much More Are You Paying?
The iconic Birkin and Kelly bags have all seen increases. The Birkin 30 Togo now costs $12,500, up from $11,600 in 2023. The Kelly Mini in Chevre leather now retails at $10,100, a notable rise from $9,450.
Shoes, too, were hit hard. The Oran sandal rose from $700 to $760, and Chypre sandals saw a 16.7% jump.
Pre-Increase Shopping Rush
One ripple effect of price increases? Buyers rush in to make purchases before new prices take hold, often driving record sales in late December and early January. It’s a phenomenon Hermès and other luxury houses likely count on.
What About Europe?
In the EU, the average bag increase is about 8%. Some Kelly sizes went up €800 or more. Rare leathers like ostrich, lizard, and alligator saw even steeper hikes—up to €3,000 in some cases.
Other Global Markets
- Australia: Scarves up 13%, jewelry up 22%
- Canada: Footwear up 20%, silk up 13%
- China: Bag prices rose around 10%
- UK: Silk saw a 12% increase; silver jewelry up to 18%
- Singapore: Average increase ~10%
In short, the trend is clear: Hermès prices are going up—everywhere. Whether this changes shopping behavior remains to be seen, but if history is any indicator, demand will remain strong.