Patti Waldmeir on the promise and peril of building a luxury retail presence inside the People's Republic of China:
Mainland luxury taxes are so high that even when discounted, luxury merchandise at outlets is still more costly than shopping overseas. [...]
In the nearby Gap outlet store, where hooded sweatshirts are offered in every conceivable colour, their price tag of Rmb399 is hardly a bargain. A shop assistant points out that a 50 per cent discount is offered – but only if shoppers buy six Gap items.
That's about a $65 hoodie at today's exchange rates, which is quite a bit more than the undiscounted prices listed on Gap.com today.
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