Korea-EU FTA Prompts Hermes to Slash Prices

      July 15, 2011 09:44

      French luxury brand Hermes will reduce the prices of its products sold in Korea by up to 10 percent from Friday, the company said on Thursday. Hermes is the first designer brand to officially adopt this tactic since the Korea-EU free trade agreement took effect on July 1.

      Shoes and accessories will be 10 percent cheaper, while neckties will be reduced by 9 percent and leather products 5 percent. Jewelry and silk scarves will retain their original prices.

      A spokesperson with Hermes Korea said the brand decided to pursue this strategy because of the Korea-EU FTA as 99 percent of its products, with the exception of some rare jewelry, are manufactured in Europe, such as France and Italy.

      "The price reductions will take place in nine Hermes shops across the nation," he said.

      Unlike most other designer labels in the country, Hermes has not increased its prices since January 2010.

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