Source: CCTV.com

11-17-2008 09:14

Special Report:   Global Financial Crisis

For the first time in years, luxury brands are slashing price-tags for items headed for the US market.

French fashion giant Chanel was the first  to cut prices last month trimming them by  7 to 10 percent on most items that are hitting US stores right now.

According to the Wall Street Journal, a rebound in the greenback, coupled with a global recession, has triggered concerns among manufacturers of high-end products. They do not want to be pushing up prices at a time when shoppers are tightening their belts.

Years of plenty have led many such companies to assume that money was no object for their avid fans. But troubles on global markets mean this is a thing of the past.

French fashion giant Chanel was the first to cut prices last month trimming them by 7 to 10 percent on most items that are hitting US stores right now. And since then other retailers such as Dolce & Gabbana, Versace and Chloe have taken similar steps to keep their sales up.

 

Editor:Xiong Qu