Italian fashion house Valentino has announced that it will slash its prices in Asia in attempt to even out the prices in comparison with Europe. Consumers are reportedly adding to the trend of comparing prices online, and traveling to countries where they can purchase luxury goods at a lower price.

"Prices of products in Europe will remain unvaried, while those in Asia will be reduced," according to a statement, in reference to South East Asia and Greater China.

"The strategy is aimed at continuously improving the image of the brand ... (and) to protect the interests of clients and foreign direct investments made in retail recently."

The Maison has been doing rather well lately, having recently reported a whopping 48 per cent improvement in sales from 2014, with revenues of over $1 billion.

The announcement comes in light of China’s abruptly slowing economy, Russia’s recession, and plummeting oil prices.

Source:     Photo: