L'Oréal to slash prices of imports to China

Published: 26-May-2015

Aims to encourage consumers to spend

L’Oréal has announced it will be slashing prices of products imported into China in order to encourage shoppers to spend more.

The decision follows the Chinese government’s cut of import duties on certain consumer goods to bolster the slowing economy. L’Oréal’s China division stated that it would cut prices of most of its imported products as the custom duty reduction would have a “very limited impact” on the retail price.

China’s Ministry of Finance recently said it will cut duties by half, on average, on imports. A tariff on cosmetics will fall to 2% from 5%.

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