If you haven't shelled out $1,000 for a Louis Vuitton 'It' bag lately, you probably didn't know that the luxury retailer has jacked up their prices. Bloomberg reports that Louis Vuitton's non-leather versions of iconic styles like the "Speedy" and the "NeverFull" bag now cost ten percent more in the U.S. That comes on the heels of Chanel's purse price hike last year. Industry insiders credit everything from over-exposure to counterfeiting for the higher cost. But prices aren't the only significant changes since the 'It' bag craze began over a decade ago. Here's a primer on the evolution of the wearable status symbol.