Chinese Consumers Applaud Chanel Price Drop

SHANGHAI — Though it might not be the right move for every luxury brand, Chinese consumers and China-based analysts agree that Chanel’s worldwide price realignment, which went into force Wednesday, is a positive one. Some boutiques in China had already begun lowering prices for three of its most iconic handbags in advance of Wednesday’s price harmonization deadline. An 11.12 model, previously priced at 3,550 euros in Europe, will now cost 4,260 euros, while the same bag in China, previously 38,200 yuan, has dropped to about 30,000 yuan. Meanwhile, the price of a Boy bag will rise to 3,720 euros from 3,100 euros in Europe, and fall from 32,700 yuan to about 26,000 yuan. Shoppers at Shanghai’s high-end Plaza 66 mall, which houses boutiques from brands including Chanel, Céline, Dior and many more international luxury brands, universally welcomed the move. “I love Chanel,” said office worker Tessa Feng, 32, out shopping with her husband and toting a 2.55 Classic flap bag from the French house. “I think many more people will buy Chanel products in China and not wait until they or their friends travel if the price is only 5 percent different or so.” Some consumers expressed concern for how European customers would handle the

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