Luxury Watch

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Madison Avenue Spy investigates the rumor that Chanel bags are about to become even more expensive. In Europe, bags have already gone up 20%, and some sales associates at New York's stores predict a similar increase. One explained, "We don't want Chanel to become like Louis Vuitton. They are taking more of an Hermes approach where it can take three years to get the bag you like. We want Chanel to stay a lux item and not be Main Street." But as blogger Lila Delilah points out, $4100 for a bag that cost $2850 in 2008 isn't just "not Main Street"—it's not Wall Street. [Madison Avenue Spy]