LVMH Moët Hennessy Louis Vuitton SE has cut its prices in mainland China after the government slashed import tariffs on consumer goods, Chinese digital publication Jing Daily reported July 3, citing an exclusive statement from the French luxury fashion house.

"Louis Vuitton China has decided to mark down prices on a wide range of items to fully support the government's efforts to reduce the price premium for luxury goods sold in China and overseas," the company reportedly said.

The company has reduced item prices by an average of 3% to 5% on Louis Vuitton's Chinese e-commerce site and in physical stores, according to the report.

The report added that the Chinese government has been launching a series of initiatives to lower import duties on consumer goods. The most recent was in May when the country's finance ministry reduced import duties on 1,449 consumer goods categories, including luxury, fashion and beauty items.