French luxury brand Chanel has decided to go affordable in Korea by reducing its prices up to 10%. The similar step was also taken by Chanel’s rival label Hermes.
A Chanel executive, while talking about the discount said, “Chanel Korea will slash prices of goods imported since July 1 under lower tariffs after the Korea-EU free trade agreement took effect.”
The reduction is possible because the items are subject to tariff cuts under the FTA, since France is the country of origin and shipment. Chanel will cut prices by 3 to 10 percent.