Happy 2024 – have you recovered from your New Year’s hangover yet? You might want to bring back the tequila and pick up where you left off.ermès Prices Are Already Up – Happy (Sorta) New Year?!
Hermès Price Increase in 2024: An Unexpected Start
This year, Hermès decided to dispense with the usual full month of preparation for its annual price increases – which usually start somewhere around the beginning of February and proceed, by metièr, over the course of a few weeks – and hit US clients pretty much while they were still sleeping it off.
Global Impact: Hermès Price Changes Across Continents
While European and Asian clients have not been given that consideration and are used to new prices hitting the market pretty much as soon as the ball drops (and some countries, such as China, saw some price increases as early as December 22), Americans, and now most of the world, has been brought into line time-wise, if not price-wise, with all increases happening within roughly the same period.
These are still implemented by department and are rolled out over two or three weeks, but they have certainly begun in earnest. Already, we have seen price changes in leather goods (January 2) and shoes (January 3), with ready-to-wear increases expected today.
Reasons Behind the Hermès Price Hike
Europe saw their increases begin to be implemented last week, and clients everywhere note the higher prices. Why the price hikes?
Hermès, like many companies, cites added costs for raw materials and labor, which is not unusual, although increased inflation has affected markets everywhere.
| Style | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| K25 Sellier Epsom | $10,300 | $10,300 | $10,300 | $10,600 | $11,300 | $11,800 |
| B25 Togo | $9,400 | $9,650 | $9,750 | $10,100 | $10,400 | $11,400 |
| B30 Togo | $10,900 | $11,000 | $11,000 | $11,200 | $11,600 | $12,500 |
Hermès price increases of popular styles over the last 5 years.
Of course, at this point, the client has come to expect price increases; over the past twenty years or so, the entire luxury fashion industry has shifted (a point which I previously lamented in my Price Increase article from 2022) from making price changes a rare occurrence to a regular event.
In turn, it wouldn’t be a surprise to understand that brands have come to expect these regular increases and rely on them to whatever extent in anticipation of future profits.
Pre-Increase Purchasing: A Strategy to Avoid Higher Prices
The bump in income comes not only from the increased price; the effects of a price change begin before the new prices take effect.
This is due to the anticipation of an upcoming price change, which stirs clients to buy whatever they have been considering for fear that they will have to pay more for the same item if they wait too long.
Analyzing the Extent of Price Increases on Hermès Products
Although the big numbers get everyone’s attention, the amount of the increase varies per item. For shoes, prices have gone up more than 10%, with Orans going from $700 to $760, Paris Loafers from $1,100 to $1,225, Bouncing Sneakers from $920 to $990, and Chypre Sandals from $780 to $910.
It appears that leather goods have increased from about 3% to about 15%, with many increases hovering in the usual 6-7% range.
New 2024 Hermès Prices in the USA
Below is a preliminary list showing the previous US bag prices from 2023 next to the new 2024 prices. We will update this list as more prices become available; feel free to post new prices, further information, or corrections in the comments below.
Hermès Kelly/Birkin Prices in 2024
| Style/Size | Leather | 2023 Price | 2024 Price |
|---|---|---|---|
| Kelly 25 | Togo Retourne | $10,900 | $11,300 |
| Epsom Sellier | $11,300 | $11,800 | |
| Kelly 28 | Togo Retourne | $11,300 | $12,000 |
| Epsom Sellier | $11,800 | $12,500 | |
| Kelly 32 | Togo Retourne | $12,000 | $12,600 |
| Kelly Mini 20 | Epsom | $8,700 | $9,400 |
| Chevre | $9,450 | $10,100 | |
| Kelly Dépêches 25 | Togo | $8,450 | $9,000 |
| Birkin 25cm | Togo | $10,400 | $11,400 |
| Birkin 30cm | Togo | $11,600 | $12,500 |
The average percentage increase across all listed US bags is approximately 6.40%.
Other Hermès Bag Prices in 2024
| Style/Size | Leather | 2023 Price | 2024 Price |
|---|---|---|---|
| Constance 18 | Epsom | $8,750 | $8,950 |
| Chevre | $10,000 | $10,400 | |
| Lindy Mini | Clemence | $6,650 | $7,300 |
| Lindy 26 | Clemence | $8,150 | $8,700 |
| Evelyne III 29 | Clemence | $3,650 | $3,850 |
| Bolide 1923 Mini | Chevre | $5,800 | $6,300 |
| Bolide 1923 25 | Epsom | $6,850 | $7,450 |
| Picotin 18 | Clemence | $3,025 | $3,300 |
| Eclat | $3,325 | $3,525 | |
| $3,775 | $4,125 | ||
| Picotin 22 | Clemence | $3,325 | $3,575 |
| Geta | Chevre | $5,950 | $6,450 |
| Garden Party 30 | Negonda | $3,775 | $4,125 |
| Herbag Zip 31 | Canvas | $2,825 | $3,050 |
| Herbag Zip Cabine | $4,900 | $5,400 | |
| Roulis Mini | Evergrain | $8,000 | $8,700 |
| 24/24 Mini | Evercoloir/Swift | $8,800 | $9,550 |
| Della Cavalleria Mini 18 | Epsom | $6,050 | $6,550 |
The average percentage increase across all items is approximately 7.94%.
Hermès Bag Prices in Europe for 2024
Below is a preliminary list showing the previous EU bag prices from 2023 next to the new 2024 prices. We will update this list as more prices become available; feel free to post new prices, further information, or corrections in the comments below.
| Style/Size | Leather | 2023 Price | 2024 Price |
|---|---|---|---|
| Kelly 25 | Togo Retourne | €8050 | €9100 |
| Swift | €8400 | €9000 | |
| Epsom Sellier | €8650 | €9500 | |
| Chevre Sellier | €9250 | €9600 | |
| Kelly 28 | Togo Retourne | €8650 | €9600 |
| Epsom Sellier | €9100 | €10,300 | |
| Kelly 32 | Togo Retourne | €9200 | €10,000 |
| Epsom Sellier | €9850 | €10,700 | |
| Kelly Mini 20 | Epsom | €6700 | €7150 |
| Chevre | €7500 | €7700 | |
| En Desordre | €10500 | €11400 | |
| Ostrich | €11800 | €13500 | |
| Picnic | €12200 | €13500 | |
| Lizard | €16000 | €16200 | |
| Studded | €18000 | €19600 | |
| Alligator (Matte) | €26200 | €27900 | |
| Kelly Doll | Picto | €12300 | €13400 |
| Kelly Elan | Crocodile (Shiny) | €36600 | €39900 |
| Kelly Pochette | Swift | €4900 | €5200 |
| Kelly Danse | Lizard (Ombre) | €15200 | €16200 |
| Birkin 25 | Togo | €8050 | €8600 |
| Epsom Sellier | €8650 | €9000 | |
| Lizard | €15100 | €16700 | |
| Ostrich | €15650 | €16700 | |
| Alligator (Matte) | €39000 | €42100 | |
| Birkin 30 | Epsom | €8750 | €9250 |
| Togo | €8900 | €9400 | |
| Barenia Faubourg | €9800 | €10400 | |
| Birkin 35 | Togo | €9850 | €10200 |
| Constance 18 | Epsom | €6700 | €6950 |
| Chevre | €7700 | €8000 | |
| Swift with Mirror | €7250 | €7550 | |
| Studded | €20000 | €21800 | |
| Alligator (Matte with Mirror) | €26200 | €27000 | |
| Lindy Mini | Clemence | €5100 | €5500 |
| Lindy 26 | Clemence | €6250 | €6500 |
| Evelyne III 16 | Clemence | €1570 | €1660 |
| Evelyne III 29 | Clemence | €2800 | €2900 |
| Bolide 1923 25 | Epsom | €5300 | €5600 |
| Jypsiere Mini | Swift | €5500 | €6000 |
| Picotin Micro | Ostrich | €6450 | €7350 |
| Picotin 18 | Clemence | €2380 | €2490 |
| Picotin 22 | Clemence | €2550 | €2700 |
| Garden Party 30 | Negonda | €2900 | €3100 |
| Garden Party 36 | Negonda | €2800 | €3250 |
| Herbag Zip 31 | Quadrille/Hunter | €2170 | €2600 |
| Della Cavalleria Mini 18 | Epsom | €4650 | €4950 |
| 24/24 Mini | Evercoloir/Swift | €6750 | €7200 |
| Sac A Dos Off Piste | Epsom | €6100 | €6850 |
| Cabas H 40 | Canvas/Swift | €2750 | €2950 |
| Kelly To Go | Epsom | €4600 | €4900 |
| Constance To Go | Epsom | €4600 | €4900 |
The average percentage increase across all items is approximately 7.98%.
Price Increases Around the World
There is some anecdotal information available from other countries:
Australian prices went up by over 13% on silk, with the twilly increasing from AUD $320 to $370 and cashmere shawls going from AUD $1895 to $2140. Some fine jewelry, such as the Farandole bracelet, increased by as much as 22%, going from AUD $2995 to $3600.
Canada’s prices increased, on average, by about 10% on Fine Jewelry, 20% on Shoes, and almost 13% on Silk. A 90cm silk scarf increased from CAD 550 to 620, a 140cm cashmere shawl went from CAD 1600 to 1650, and Oran sandals increased from CAD 900 to 1050.
China saw bags go up at an average of around 10%, with some bags increasing by as much as 20%.
Clients in Singapore are reporting increases of about 10%.
The UK saw silks go up around 12%, with the 90cm going from £415 to £450 and the Twilly increasing from £190 to ¢210. Silver jewelry has increased from 10% to 18%.
