Luxury brands cut prices in South Korea
To counter a slow down in consumption and the effects of currency devaluation, luxury brands are now cutting prices in South Korea too. Burberry, Chanel and Gucci have slashed prices by around five percent at duty-free shops, while Tag Heuer also cut prices by up to 27 percent. Large duty free operators such as Lotte and Shilla duty free operators are also applying additional discounts of 5 to 15%. Similarly to China, luxury owerhouse Chanel has slashed prices in South Korea by 15 to 20%.