More luxury brands adjust prices to counter currency fluctuations
After Chanel, which on Tuesday announced unprecedented price cuts of more than 20 percent in China and increases of around 20 percent in Europe, more luxury brands adjust their prices. Luxury watch-maker TAG Heuer confirmed its prices would drop an average 8 percent in Switzerland, China, the United States, the Caribbean, and Central and South America, 7 percent in the UK and 13 percent in Hong Kong, but it would not raise prices in the euro zone, Japan and Singapore. This month, Patek Philippe cut prices by as much as 14 percent in China, 10 percent in the United States and 7 percent in the euro zone. It estimated the move would result in a profit loss of some 100-150 million Swiss francs.