The paper explores how the price reductions have an impact on consumers' perceptions of fashion brands of clothing, both high-street and luxury brands. Previous research on a similar topic, found that the reduction often creates a different perception of products. These different perceptions vary depending on the product category and the discount amount, but also on the type of brand, which is specifically researched here. This paper aimed to determine whether price reductions of two types of clothing brands – high-street (cheaper) and luxurious (more expensive), influence their perception by consumers, i.e. the perception of three analyzed values – functional, emotional and social. Specifically, no studies have been conducted on the examples of clothing that relate these variables. The survey was conducted using a survey questionnaire on a sample of 209 respondents, mostly from Primorsko-goranska County. The obtained results showed that for high-street brands there are no significant changes in the perception of the values of the clothing apparel brand without and with a discount, while in the case of luxury brands there are visible changes so that the perceived values decline. In accordance with the results obtained, proposals and conclusions for further actions have been presented for brand managers as reduced prices decision makers. Managers are adviced to deal more cautiously with discounts on luxury clothing brands and to choose other ways of promotional price activities, which are not percentage reductions but for example, 1 + 1 deals, free of charge and similar actions. The recommendation is also to approach lowering prices differently, perhaps not to use high discounts, since price discounts reduce the consumer's perception of the functional, emotional and social value of luxury clothing brands.