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Thai luxury apparel retailers urge govt to lower duty
23
Mar '12
Luxury apparel retailers in Thailand are requesting the Government to review the current import duty structure and decrease duties on various fashion and branded products so that Thailand can increase its competitiveness against neighbouring Singapore and Hong Kong.

Thailand currently levies an import duty of 20-30 percent on luxury and foreign apparels.

Gaysorn Land Asset Management Co, which operates the famous Gaysorn shopping centre that boasts stores of several foreign luxury apparel brands, said the import duty currently levied on luxury apparels is quite high compared to similar duty in other countries, which means shoppers end up paying more in Thailand than in other countries.

Gaysorn said the Government should review its policy to promote tourism and boost domestic consumption.

The company said luxury apparel sector has grown rapidly in Thailand in recent years, and the Government needs to help it to remain competitive.

In December 2011, brand-name outlets at Gaysorn posted record sales, in spite of the country having faced heavy floods. Retailers forecast that last year's sales momentum will continue in 2012.

The ongoing debt crisis in several European countries is driving many luxury brands to open their establishments in Asia, and Gaysorn has received requests from over 10 luxury apparel brands to open their outlets in the mall.

Last year, earnings of global luxury apparel brands at Gaysorn grew by 34 percent, while those of Thai designer brands increased by 35 percent.

Gaysorn will be celebrating its 10th anniversary this year and will be hosting a number of fashion events in partnership with several luxury apparel brands.

Fibre2fashion News Desk - India

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