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Apple luxury brands lowers prices in China, as VAT cuts take effect Reuters




© Reuters. FILE PHOTO: Men walk past Louis Vuitton Louis Vuitton boutique in Beijing

BEYKEN (Reuters) – Apple Inc. (NASDAQ 🙂 and other consumer brands have lowered their prices in China on Monday as a reduction in the country's value-added tax rate (VAT) came into force

Pricing for products listed on Apple's website in China was lowered on Monday morning, including a discount of up to 500 yuan ($ 74.44) on some of the latest iPhone models.

The suggested retail prices for brands, including LVMH, Louis Vuitton and Kering's Gucci, also dropped by about 3%, according to local media.

She follows reports from last month's BMW AG and Mercedes-Benz car brands that said prices for several car models will drop after tax changes.

Apple declined to comment on price cuts, and LVMH and Kering (PA 🙂 did not immediately respond to requests for comment.

Beijing said in March that it would cut taxes and fees by almost $ 2 trillion for all companies. Yuan in 201

9. The world's second-largest economy has been growing at its lowest pace for almost three decades as domestic demand and a continuing trade war with the United States have declined.

Several Chinese electronics retailers have lowered their iPhone prices in January, dropping the latest models to $ 118, after weak sales by the end of 2018.

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