Fashion retailers are raising prices and scaling back discounts to make up for lost sales in 2020 , and to offset rising supply chain costs. According to the US Department of Labor’s June Consumer Price Index, apparel prices rose 4.9 per cent in June versus the year before – the largest jump in a decade. Michael Kors and Ralph Lauren are among those brands that have already raised prices . The supply chain crisis is driving up the cost of transporting goods, leading to long delays. At the same time, retailers are trying to find workers in a tight labour market and are raising wages or offering perks to attract talent. Some say they have no choice but to pass costs on to the consumer. These are some of the brands raising prices: How De Beers is winning over China’s Gen Z with Tmall and WeChat Ralph Lauren Ralph Lauren has been raising prices and cutting discounts since 2019. In its most recent quarter, its average selling prices were up 17 per cent, it said. CEO Patrice Louvet told investors in an earnings call that the company was adding products that could be sold at higher price points, such as jackets and coats, and focusing on specific countries that can absorb price increases. Gucci’s sales soar as lockdowns ease – but is ‘revenge spending’ all it is? Louis Vuitton LVMH-owned Louis Vuitton has been raising prices on some of its bestselling handbags. The price of its Pochette Accessoires Monogram Canvas went up by 25 per cent this year, from US$630 to US$790. It also raised its prices in 2020. Experts said that this was to make up for missed sales in 2020 and to strengthen the view that its products are unattainable – which is exactly what makes them so appealing to some shoppers. In the bag: is the Birkin the only product that Hermès really needs? Chanel Chanel has hiked the prices of its handbags to offset missed sales in 2020. According to a note from Jefferies analysts, average global prices of its handbags went up as much as 17 per cent at the start of July, on top of an 18 per cent rise in June 2020. Why is the historic Ermenegildo Zegna going public after 111 years? Michael Kors John Idol, CEO of Capri, the retail giant behind Michael Kors and Jimmy Choo, said in an earnings call in July that prices at Michael Kors had already gone up and will go up “considerably” next spring. Idol also wants to steer clear of heavy discounting – a sales tactic that plagued the brand in the past. “I don’t care if our competitors do it. It doesn’t matter. We don’t have the inventory to do it. So it won’t happen,” Idol said. Want more stories like this? Sign up here. Follow STYLE on Facebook , Instagram , YouTube and Twitter .