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Apple, luxury brands drop China prices as VAT cuts come into effect By Reuters



© Reuters. FILE PHOTO: Men walk past a boutique of the Louis Vuitton luxury goods company in Beijing

BEIJING (Reuters) – Apple Inc. (NASDAQ) and other consumer brands have cut their prices in China on Monday as a cut in the country's

Price tags for products listed on Apple's China website were lowered on Monday morning, including a discount of up to 500 yuan ($ 74.44) for some of its latest iPhone models.

Suggested retail prices for brands including LVMH's Louis Vuitton and Kering's Gucci were also cut by around 3 percent, according to local media reports.

It follows the announcements last month from the BMW AG and Mercedes-Benz car brands, which said prices for several car models would drop after the tax changes

Apple declined to comment on the price cuts, while LVMH and Kering (PA) did not immediately reply to requests for comment.

Beijing said in March that it would cut taxes and fees for all companies by nearly 2 trillion yuan in 201

9, with manufacturing, transport and construction sectors set to benefit as it seems to stimulate a slowing economy.

The world's second-largest economy is growing at its weakest pace in nearly three decades amid lower domestic demand and an ongoing trade war with the United States. [196590014] Fusion Media would like to be a member of the Fusion Media remember that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges, but by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not suitable for trading purposes. Therefore, Fusion Media does not accept any liability for any trading losses you may incur as a result of using this data.

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