Chanel’s CEO, Leena Nair, defended the luxury brand’s decision to raise the price of one of its iconic handbags to over 10,000 euros ($10,725), attributing the increase to inflation and the brand’s commitment to using exquisite raw materials and rigorous craftsmanship. The move reflects a broader trend in luxury brands adjusting prices for coveted goods, with Chanel targeting affluent customers akin to those of Hermès or Rolex. Nair emphasized Chanel’s focus on long-term quality preservation and modest growth, facilitated by its status as a privately-held company owned by the Wertheimer brothers.