Price Increase - Tuesday 1st November 2022
It's the news nobody likes to hear. But, unfortunately, we are notifying you that we are having to bring forward our planned price increase to help cover all rising expenses we face as a business in order to be sustainable.
Whilst we have remained optimistic during the decline of the currency and rising energy costs as well as other increasing operational costs, our optimism has been hit hard with the reality that things have not improved as we hoped. The most recent drop in currency alone means that we can no longer sustain the replacement of goods at that level whilst continuing with our current prices. For example, we have lost 30% in the exchange rate alone in the last 12 months and those losses would have covered our operational expenses without concern. As a result, our products are costing us a significant 30% more than they did 1 year ago.
Our previous price increase was due to be in April 2021 which we postponed until August 2021 to ensure that all salons, stylists, and customers could benefit from our previous pricing whilst they were getting back to work and rebuilding their businesses following numerous lockdowns. Following this, we have been doing everything possible to avoid increasing our prices again but it has now become inevitable for us.
Overall, it is a very uncertain time for the economy. Exchange rates are at the lowest in 30 years and as a result, suppliers have continued to increase their costs not only in our industry but in all sectors that purchase in US dollars. Moreover, the rising energy costs, inflation and increases in staffing costs to adjust to the general living expenses have then led to many businesses reevaluating their strategy regarding their price of goods, including us.
Therefore, we have made the decision to increase our prices to ensure the ongoing security of the company, and its employees as well as to cover not only the losses we have faced but to replace the goods we sell in order to continue providing you with our high-quality products. Please note, we will maintain the price of certain products where possible and not all products will be affected by this.
Please understand that this situation is out of our control and we have worked tirelessly behind the scenes to make this work but we have to face the reality of the position we are in.
Our price increase will be effective as of Tuesday 1st November 2022.