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Prada lowers China prices, joining Hermes, Gucci and peers

Move follows tax cuts and likely to shift luxury shopping from overseas to mainland

People walk past a Prada boutique near Beijing's Wangfujing Street.   © Reuters

HONG KONG -- Italian luxury retailer Prada Group has lowered prices in China by around 3% following tax cuts that are expected to lift Chinese consumer spending.

The price cut, which took effect Monday for all products under the Prada and Miu Miu brands, comes in response to Beijing's recent decision to lower the value-added tax from 16% to 13% on sales of imported goods, the Hong Kong-listed company said.

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