Luxury Prices Drop

Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.

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]