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English>>People's Daily Online Exclusives

Luxury brands lower price to boost sales in China

By Yao Chun (People's Daily Online)    17:04, July 24, 2015

Luxury brands have lowered the prices of their products in China since March as Chinese people consume more rationally and the competition in the market gets fiercer.

Chanel was the first to reduce the prices of its products in China. After that, Patek Philippe, a luxury watch brand, declared to decrease the prices by 22 percent in Hong Kong. Thereafter, TAG Heuer of French luxury goods conglomerate LVMH also lowered the price of its products by 8 percent in China and other marketplaces. 

Besides watch and leather brands, cosmetic brands have also adjusted the prices, including Lancome, Estee Lauder, Sulwhasoo and Laneige. The greatest decrease rate reached 12 percent. 

The objective of the decrease in price is to safeguard their sales in China, the largest luxury goods market in the world. In the circumstances of great global economic adjustment, Chinese market is still the hope of luxury brands. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Yao Chun,Bianji)

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