奢侈品定价追踪：6月涨价由普拉达、路易威登、蒂芙尼和江诗丹顿引领

Tiffany,andVacheronConstantin +44-20-7986-4147thomas.chauvet@citi.comAlberto Cecchetto Citi'sproprietary LuxuryPricingTracker,in partnershipwith Citi Research InnovationLab,monitorspricemovementsacross19majorluxurybrandsinsixkeygeographies-Continental Europe,theUs,China,Japan,the UK,andtheUAE-whichtogetheraccountfor70-80%ofindustrysales.Insoftluxury,Prada(Prada Group)increasedpricesbyanaverageof ~3%across~45%of itsglobalSKUassortment,whileLouisVuitton(LVMH)raisedpricesby~3%across~60%ofitsassortment intheUS,theUK,andtheUAE,largelycompletingtheactionsinitiated inMay.Inhardluxury,Tiffany(LVMH)raisedpricesby~7%on~60%ofitsJapaneseassortment,followingsimilar increasesin othermarkets in previous months,while VacheronConstantin(Richemont)implemented itsfirst increase of theyear,raisingpricesby~3%across~55%ofitsglobalassortment. +44-20-7986-5408alberto.cecchetto@citi.com In soft luxury,Prada(Prada Group)implemented a~3% averageprice increaseacross~45%ofitsglobalSKUassortment,whileLouisVuitton(LVMH)increasedpricesby~3%across~60%ofitsassortmentintheUS,theUK,andtheUAE,largelycompletingthepricingactionsinitiated in May.Inhard luxury,Tiffany(LVMH)raisedpricesby~7%on~60%of itsJapaneseassortment,followingsimilarincreasesinothermarketslastmonth,andVacheronConstantin(Richemont)implemented itsfirstincreaseoftheyear,raisingpricesby~3%across~55%ofitsglobalassortment. USprices:What changedafterthe2April2025“LiberationDay”tariffs?-Wesummarise in Figure 5-6 the estimated annualised price increases implemented2025,with priceincreasesof roughly+6%,followed by Japan,theUAE,China,Continental Europe,andtheUK.Theintroductionof15%UStariffs on EUandSwissgoods has prompted European luxury brands to take a measured approach to USprice adjustmentsin ordertopreserveabalanced globalpricearchitectureandlimitthe risk of parallelmarkets.In 2026 year-to-date,US industry pricing is up~+2%,compared to Japan at ~+3%. Moreuniform priceinflationahead;multi-yearcatch-uppotentialat HermesandRichemont-Price increases averaging mid-to high-single-digits annually (CAGR2020-2025) appear to have pushed many aspirational consumers out of thecategory,promptingbrandstoreassesstheirvalueproposition.Inresponse,luxuryhouses have strengthened their entry-level assortments and refreshed productappeal through high-profile creative director appointments at Kering (Gucci,Bottega Veneta, Balenciaga)and LVMH (Dior, Celine,Fendi, Loewe). As a result, weexpectpricinggrowthtonormaliseandbecomemoreevenlydistributedacrossthesectorovertime Citi's Luxury Goods Pricing Tracker -JuneanalysisCiti's proprietary Luxury PricingTracker,developed in partnershipwith theCiti ResearchInnovationLab,monitorspricemovementsacross19majorluxurybrandsUAEmarketsthattogetherrepresentroughly70-80%ofglobalindustrysales.Weexpecttobroaden thetracker's coveragebyaddingmorebrands overtime.Inparallel,weprovidereal-timeassessmentsofregional pricegapsbothattheindividual-brandlevelandacrossthebroadersoftand hard luxurysegments-considering eachbrand'spricingarchitectureaswellasthelatestcurrencymovements. Vacheron Constantin,whileLuois Vuitton and Tiffany continued earlierregionaladjustments.Severalotherbrandsimplementedmarginaladjustmentsduringthemonth,as shown in Figures1and 2,though we do not detail themheregiven theirlimitedestimatedrevenueimpact(<0.5%). Thekeypriceincreases implemented inJuneareoutlinedbelow: Prada (Prada Group)implementedan average priceincrease of~3% across ~45%ofitsglobalassortment,including~3%on~35%ofitsContinentalEuropeassortment,~3%on~45%ofitsUSassortment,~3%on~35%ofitsChinaassortment,~4%on~75%ofitsJapanassortment,~2%on~30%ofitsUKassortment,and~3%on~45%of itsUAEassortment,primarilyin RTW,shoes,small leathergoods and bags. Prada has applied anaverageprice increaseof~3%on impacted SkKUs in2026todate,translatingintoanestimated~4%annualisedcumulativepricing contributiontototal brandrevenues LouisVuitton(LVMH)implementedanaveragepriceincreaseof~3%on~60%ofitsassortmentinUS,UKandtheUAE,including~3%on~55%ofitsUSassortment,~2%on~55%ofitsUKassortment,and~3%on~65%ofitsUAEassortment,withadjustmentsconcentratedinRTW,accessories,handbagsandshoes. -LouisVuitton hasappliedan averageprice increase of~5%on impacted SKUsin2026todate,translatingintoanestimated~2%annualisedcumulativepricing contribution tototal brand revenues. Tiffany (LVMH)raised prices by~7%on~60%of its assortment inJapan,covering mainlynecklaces,earringsandrings categories. -Tiffanyhas appliedan averageprice increaseof~6%on impacted SkUs in2026todate,translatingintoanestimated~8%annualisedcumulativepricingcontributiontototal brandrevenues Vacheron Constantin (Richemont) implemented an average price increase of~3%across~55%ofitsglobalwatchassortment,including~4%on~50%ofitsContinental Europeassortment,~3%on~55%ofitsUSassortment,~2%on~35%ofitsChinaassortment,~6%on~90%ofitsJapanassortment,~3%on~55%ofitsUKassortment,and~3%on~50%ofitsUAEassortment -VacheronConstantinhasapplied anaveragepriceincreaseof~3%onimpacted SKUs i