Deeper pockets needed to shop at Chanel

Chanel raised the prices of some handbags to above 90,000 yuan (HK$97,433) each, while Canada Goose plans to layoffs on weakening sales.

According to mainland media, the French brand priced the large CF bags at 90,600 yuan per each and the small CF handbags at 80,800 yuan, which are 3,600 yuan and 3,800 yuan higher than before, respectively.

Meanwhile, the prices of Chanel 19 and Boy Chanel series also increased by as much as 2,500 yuan.

However, Canada Goose will trim about 17 percent of its global corporate workforce, the luxury parka maker said, part of efforts to rein in costs as US demand for high-end goods remained under pressure.

The luxury retailer's job cuts follow two quarters of single-digit sales growth after increases of more than 20 percent the previous two periods. Its shares have tumbled 75 percent in the last 12 months and fell as much as 3.7 percent earlier this week in Toronto trading. As of April 2023 the company had 4,760 employees, according to Bloomberg.