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Business

Specter of deflation hits Chinese luxury

SHANGHAI/DALIAN, China -- Chanel and other European luxury brands are cutting their prices in China, in order to slow down the stream of customers flocking to cheaper overseas stores, leaving boutiques in mainland China empty.

     Luxury brand sales in China have lost steam after years of breakneck growth. President Xi Jinping's corruption crackdown is in part responsible for the slowdown.

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