How Dior and Chanel Are Winning Back Aspirational Shoppers

After raising prices aggressively during the post-pandemic boom, luxury brands are now confronting slower growth and a shrinking aspirational customer base. According to Bernstein, average luxury price hikes reached 36 percent between 2020 and 2023, with Dior and Chanel raising prices by 51 percent and 59 percent, respectively. Now, as Bain estimates that more than 50 million aspirational shoppers have left the category, both houses are adjusting their pricing architecture and product mix in an attempt to rebuild volume without sacrificing exclusivity. BoF reporter Joan Kennedy joins The Debrief to unpack how Dior and Chanel are recalibrating pricing and product strategy to...