(Yicai) Feb. 20 -- Luxury brands such as Louis Vuitton and Chanel are kicking off the new lunar year by increasing their prices in China, according to a media report.

Prices of four to five popular Louis Vuitton bags will be hiked by around CNY1,000 (USD139) each, The Paper reported today, citing a salesperson at a store in Shanghai.

Prices of Chanel makeup will also go up today, with the increase for lipsticks about CNY50 (USD7), while high-end skincare products will be about CNY500 (USD70) more expensive, an exclusive department store seller of the cosmetics said, per the report.

Luxury goods manufacturers often cite higher production costs and changes in foreign exchange rates for the need to hike product prices.

Louis Vuitton raised its prices in China last June and September by around CNY1,000 each time, and on Jan. 18 US jeweller Tiffany & Co. also adjusted its pricing, with the 5 percent to 10 percent increase affecting most products at a store in Shanghai, according to a salesperson.

Earlier this month, French luxury fashion house Hermès said it would raise its prices globally by 8 percent to 9 percent this year, though its Chinese website showed some increases late last year.

Editor: Emmi Laine