Gucci has raised the price of handbags by up to 9%, joining rivals Louis Vuitton and Chanel in a bet their brands will still lure the wealthy, a Jefferies report said. The luxury fashion industry, which plays a large role in the economies of Italy and France, has been hard-hit by lockdowns. Analyst Cereda said in a report the price change would narrow the gap between handbag prices in Europe, which are lower than in major luxury markets such as China, where shoppers have queued at stores as they emerged from lockdown. Still, the price in euros of the Dionysus in China was 28% higher than in Italy after the increase.
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