Rebecca Minkoff willing to ‘take a hit’ on tariffs to spare customers
While some retailers, including Walmart and Target, already warned that possible price hikes are on the way due to the Trump Administration’s newly imposed tariffs, a fashion designer is taking a stand against price increases.
Rebecca Minkoff, whose handbags are made in China and subject to the new tariffs, is already is feeling the effects of President Donald Trumps’ tariffs. However, she is trying to hold prices down and absorb the costs rather than pass the increases onto customers, according to CNBC.
"We're not looking to raise prices. I think we're willing to take a hit because it's not fair to pass off this punishment to our customer,” she told CNBC.
On Sept. 18, Trump announced 10% tariffs on $200 billion in Chinese goods. These taxes will raise to 25% on Jan 1., 2019.
The designer added that she is currently working aggressively “to figure out what we're going to do to move things elsewhere,” according to CNBC.
In August, Minkoff traveled to Washington, D.C. to testify on the issue at the public hearings held by the Office of the U.S. Trade Representative.
To read more, click here.
Rebecca Minkoff, whose handbags are made in China and subject to the new tariffs, is already is feeling the effects of President Donald Trumps’ tariffs. However, she is trying to hold prices down and absorb the costs rather than pass the increases onto customers, according to CNBC.
"We're not looking to raise prices. I think we're willing to take a hit because it's not fair to pass off this punishment to our customer,” she told CNBC.
On Sept. 18, Trump announced 10% tariffs on $200 billion in Chinese goods. These taxes will raise to 25% on Jan 1., 2019.
The designer added that she is currently working aggressively “to figure out what we're going to do to move things elsewhere,” according to CNBC.
In August, Minkoff traveled to Washington, D.C. to testify on the issue at the public hearings held by the Office of the U.S. Trade Representative.
To read more, click here.