Chanel is perhaps the most iconic luxury brand ever created. What Coco created, what Karl does, everyone else worships and copies. The quilted bags are worn by royalty, stars like Rachel Bilson and those who can afford them.

If you've been saving up to buy a double C embossed bag, sunglasses or anything from them, think again- they're raised their prices. The classic quilted bag in medium went from $2600 to $3400.

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Perhaps it's a smart marketing move: this economy is awful and they've raised their prices to show the world just how economically-speaking, important their items are. Perhaps they're out of touch with the world- most of us will never be able to afford this stuff anyway. But in a time when just about everyone is re-thinking what is essential and what's superfluous, this is like a slap on the face to anyone who ever thought that one day they'd have their own Chanel. Instead of being the standard for luxury, now they're the standard for people who are completely out of touch with reality.

PJ Gach is the Senior Editor: Style + Beauty at BettyConfidential.

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