By  on December 1, 2008

PARIS — In a holiday selling season rife with promotions, even luxury players are giving consumers a break.

Louis Vuitton and Christian Dior said they would lower prices in Japan, a key market for luxury goods that has been plagued with a sluggish economy.

Louis Vuitton KK said it reduced prices on average 7 percent, effective this past Saturday, on leather goods, accessories, ready-to-wear, shoes, watches and jewelry.

The company said it revises prices based on a policy “to offer its products at appropriate prices” based on exchange rate fluctuation, manufacturing costs and quality considerations. The yen has been gaining strength against the euro in recent weeks.

Louis Vuitton KK said it has revised prices 34 times over the past 30 years, but did not specify how many were increases versus decreases.

Luxury brands are prized for their pricing power, which ensures healthy margins.

Dior’s price drop is to take effect today, averaging 8 percent on ladies’ and men’s bags and small leather goods and shoes.

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