Designer handbags from Chanel will now cost more as the French fashion house moves to raise prices

• French luxury house Chanel is raising prices across the globe on its iconic handbags and some small leather goods, according to Reuters.
• "The price adjustments only regard Chanel's iconic handbags, 11.12 and 2.55, as well as Boy, Gabrielle, Chanel 19 bags and certain small leather goods," Chanel said in a statement to Reuters.
• Louis Vuitton, Tiffany & Co and Bulgari have also reportedly hiked product prices in South Korea.
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French fashion house Chanel said it is raising prices worldwide on some of its products to offset increased raw material costs in the midst of the coronavirus pandemic, according to Reuters.

Chanel told the news agency the hiked rates were on its handbags and some small leather goods. The price increase range is in euros between 5% and 17%.

"The price adjustments only regard Chanel's iconic handbags, 11.12 and 2.55, as well as Boy, Gabrielle, Chanel 19 bags and certain small leather goods," Chanel told Reuters in an e-mailed statement.

The numbers used to name the iconic Chanel handbag symbolizes the month and year in which the bag was first released: 2.55 was released in February 1955.

The 11.12 was creative director Karl Lagerfield's remodelled version of the 2.55 bag, made famous by its interlocking double CC lock feature.

Separately, Louis Vuitton and Tiffany & Co have also hiked prices up to 11% for limited products in South Korea, according to Pulse News Korea, citing industry sources.

LV and Tiffany's price hikes led to criticism that the luxury fashion brands expect to make gains from taking advantage of Korean consumers after a relaxation in social distancing restrictions over the coronavirus, the report said.

Louis Vuitton Korea reportedly hiked prices by 5% to 6% on average for some bags, garments, and accessories, while the biggest jump was 10%.

Tiffany and Bulgari have also raised prices, according to the report, but it wasn't clear what products these were specific to.

The brands attributed the price increases to reflect company pricing policy, exchange rate fluctuations, and cost of raw material. But, the report stated, critics believe the hikes are targeted at those customers who are expected to spend more lavishly after months of being inactive amid controlled social activities.

Chanel, Louis Vuitton, Tiffany, and Bulgari did not immediately respond to requests for comment by Business Insider.