Apple, luxury brands reduce China prices as VAT inscriptions come into force By Reuters

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

BEIJING (Reuters) – Apple Inc (NASDAQ 🙂 and other consumer products reduced the prices of their products in China on Monday as a cut in the country

Product price tags listed on Apple's China site was lowered on Monday morning, including a discount of up to 500 yuan ($ 74.44) for some of the latest iPhone models.

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

There are announcements last month from the car brands BMW AG and Mercedes-Benz, which said that the prices of several car models would fall according to the tax changes.

Apple refused to comment on price reductions, while LVMH and Kering (PA 🙂 did not respond promptly to comment requests.

Beijing said in March that it would reduce taxes and fees for all companies by nearly 2 trillion yuan in 201[ads1]9, with the production, transportation and construction sectors beneficial as it seems to stimulate a braking economy.

The world's second largest economy is growing at the weakest pace for almost three decades, including lower domestic demand and an ongoing US trade war.

Several Chinese electronics retailers lowered the prices of iPhones in January, discounting the latest models by up to $ 118, after weaker than expected sales by the end of 2018. Disclaimer: Fusion Media would like to remind you that the data on this website is not necessarily real-time or accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by stock exchanges, but rather by market makers, and therefore prices cannot be accurate and may differ from actual market prices, meaning prices are indicative and not appropriate for trading. Therefore, Fusion Media has no responsibility for any loss of trade you may incur as a result of using this data.

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