Fashion designer Rebecca Minkoff is actually feeling the effects of President Donald Trump’s tariffs, however she told CNBC on Friday she’s not planning to inflict pricing pain on her customers.
Minkoff’s handbags are made in China in addition to are subject to the brand-new tariffs.
“We’re not looking to raise prices. I think we’re willing to take a hit because This particular’s not fair to pass off This particular punishment to our customer,” she said on “Closing Bell.”
Earlier This particular week, Trump announced 10 percent tariffs on $0 billion in Chinese goods. The duties will rise to 25 percent on Jan 1. Beijing retaliated with tariffs on $60 billion worth of American products.
“We are working aggressively to figure out what we’re going to do to move things elsewhere,” Minkoff said. “This particular’s going to take us a little bit of time to figure which out.”
The designer, who also includes a line of accessories, footwear in addition to apparel, has four U.S. retail stores, nine international locations in addition to is actually distributed in over 900 stores around the globe.
At the end of August, Minkoff traveled to Washington, D.C., to testify at the public hearings held by the Office of the U.S. Trade Representative.
In which testimony she talked about the challenges of doing business in China in addition to the problems with intellectual property theft. However, she insists the tariffs on leather handbags will only hurt American brands in addition to American consumers.
“The tariffs punish the wrong people, including the American consumer, in addition to leave the playing field wide open for bad actors to continue to sell fake products using our IP,” she testified.
While Minkoff is actually trying to hold prices down in addition to absorb the costs, retailers including Target in addition to Walmart are warning about possible cost hikes.