China and luxury costs: following Louis Vuitton, Gucci and Burberry also knock down prices

First Louis Vuitton, then Gucci and Burberry now. Following China’s decision to cut (since July 1^st) import customs duties on 1,449 categories of items, including luxury, fashion, beauty make-up and other industries, the fashion house, led by Marco Bizzarri and Alessandro Michele, also decided to knock down the prices of some accessories that are currently sold in their stores in China. As reported by several Chinese press media, the Italian brand, owned by Kering, has been cutting sale prices, by 5% on average, in all of their stores and outlets, starting from July 6. Likewise, Burberry have been acting accordingly. As reported by the Jing Daily newspaper, the British fashion house will approximately apply, on average, a 4% price reduction rate. “Burberry is a great deal in support of the decision to cut customs duties on imports of luxury goods and commodities in China. Actions currently taken by Chinese government are clearly good for consumers. That is why we ourselves decided to knock down the prices of a number of our products in China”.