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Double-digit prices hikes have reached the fashion industry. Luxury handbag collector Alyssa Lenore, 31, purchased a Chanel classic flap bag in May 2020 for $5,800. Later that month, the price jumped to around $6,300. Similar bags have jumped nearly 63% since 2019, but demand for these items continues. Watch the video to learn what's driving the rise in prices of these luxury handbags, and how it will impact Chanel.