The luxury goods brand Chanel made waves in China in mid-March when it announced price adjustments for both the China and European markets. Prices were cut down by 20 percent in China but raised by just as much in Europe. The company said the purpose of the dramatic move was to reduce price differences and *suppress cross-border “*proxy buyers” who take advantage of the differences to make a profit. The resulting price differences between the two major markets were less than 5 percent, the company said.