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Price Hikes at Hermes: Now You Really Can't Afford that Bag You Couldn't Afford

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Storied French luxury brand Hermes is not known for being cheap, and soon they're about to become even less not cheap. The company stated back in November that they were planning to raise prices in several markets, including this one, due to “significant raw-material cost increases, particularly for silk, cashmere and crocodile skin."

Today, Mizhattan is reporting that the price hikes are nigh: Nine percent markups on leather bags, accessories, scarves, and shoes are slated to happen at the end of January, which means that this day bag, for example, currently retailing for $4,050, will soon cost you an extra $364.50.

Though that's a bit of a kick in the gut, the price increases have already taken effect in Europe and parts of Asia. So, actually, you can tell yourself you're saving money on any Hermes purchases between now and when the increase goes into effect.

· Alert: Hermes Price Increases [Mizhattan]
· Hermes to Build Two Leather Factories as Demand Outstrips Supply [Bloomberg Businessweek]
· Hermes [Official site]