Apple and luxury labels such as Gucci have lowered their prices in China after a...
BEIJING - Apple and luxury labels such as Gucci have lowered their prices in China after a cut in its value-added tax rate came into effect from April 1.
Price tags for products listed on Apple’s China website were lowered on Monday, including a discount of up to 500 yuan for some of its latest iPhone models.But French luxury goods group Kering said on Tuesday that its Italian Gucci brand had cut prices by 3 percent, while a spokeswoman for LVMH’s Louis Vuitton confirmed its China business had adjusted prices on Friday.
Luxury brands have in recent years gradually narrowed the price gap between Europe and China - where their wares could often be 50 percent more expensive - including following a cut in import taxes brought in by the Chinese government last year. The world’s second-largest economy is growing at its weakest pace in almost three decades amid lower domestic demand and a trade war with the United States.
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