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Luxury Prices Drop

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Brands like Gucci and Prada have finally caught up with the major economic changes of the past year or so, and their prices scaling back accordingly. "In mid-June, an eager Gucci sales associate commented that pricing was going to start off much more aggressive. She pointed out a fine mohair coat, which she said would likely be priced at $6,000 during brighter economic days. This season, the coat is hitting store shelves at $4,000 or about 33% less than a similar coat in 2008." This is good news for shoppers, but since we've all come to expect major end-of-season sales, it might not help designers move that much more merchandise. [Madison Avenue Spy]

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