SHANGHAI: Luxury brands are now in the same boat as many others and are wooing customers by reducing prices amid the global economic downturn. So much so even big marquee names like Louis Vuitton are also dropping prices.

Since late last month, more than half of over 110 top fashion brands in the Plaza 66, a high-end shopping mall in Shanghai, have started sales promotions to offload their stocks.

Louis Vuitton, for instance, has marked down prices of some of its products by 100 to 200 yuan, a sales assistant in its boutique told China Daily. She said the price change was more in line with currency fluctuations, rather than discounts.