The price of this Chanel handbag just went up: iconic bags now 5 to 17 per cent more expensive

The rising cost of materials is behind the price hike, the luxury label says

The price of a Chanel 2.55 bag is set to increase as a result of the pandemic. Getty Images

If you've always wanted to invest in a classic Chanel handbag, the kind of design that never goes out of style, now might not be the time.

The luxury French label has increased the prices of some of its most recognisable accessories as the financial fallout of the coronavirus pandemic hits brands and manufacturers worldwide.

A number of handbags and small leather goods by Chanel will increase prices worldwide, according to a statement shared with Reuters. The brand added that, in euros, the increase amounts to between 5 per cent and 17 per cent

"These adjustments are made while ensuring that we avoid excessive price differentials between countries, in line with our commitments regarding price harmonisation," the brand said.

The price hikes don't affect all of the label's goods, but do take in styles such as the 11.12 and 2.55, two of Chanel's most recognisable leather flap-front, chain-strapped bags.

The Boy, Gabrielle and Chanel 19 bags are also affected by the increase, although the brand did not specify what percentage each style's cost would rise by.

The French maison said that the move was made as a result of a rise in the cost of raw materials amid the current pandemic.

Chanel, which was founded in 1910 by Coco Chanel, released its first bag in 1929, but the 2.55 design, released in 1955, has become synonymous with the brand.

While the price of a Chanel handbag varies according to style and size, a medium quilted Boy bag, for example, had a RRP of $5,500 (Dh20,020) in 2019.

Rumours of a price increase resulted in more than 100 shoppers lining up outside a Chanel store in South Korea on Wednesday, May 13, in a bid to get their hands on pieces before costs increased.

Queues formed outside Lotte Department Store in Seoul from 5am, despite the shop not opening until 10.30am.

A representative for Chanel told Reuters the label had raised prices in its French market on Monday and that other markets would follow.

"In these challenging times for our manufacturers and suppliers, it is essential for Chanel to continue to support them in the best possible way," the brand said.