Chanel lowers prices to fit new market trend

Chanel SA, the French luxury fashion and accessories house, announced on March 17 that it was cutting prices in China, and more European luxury brands have followed suit to trigger a wave of price cut to compete for Chinese consumers in the world's fastest growing consumer market. Comments:

Chanel's price adjustment initiative reduces the price gaps between its products in China and Europe. We welcome this change, and believe the move will promote the return of Chinese consumers to domestic buying. We will take measures to let Chinese consumers have access to high-end consumer goods at reasonable prices at home, so as to stabilize and expand domestic consumption.

Shen Danyang, spokesman of the Ministry of Commerce, March 31