Actually it's cheaper in Europe than the US (for most countries in Europe, anyway). For example, a Speedy 25 in the US is $665 before tax, while in Germany it's EUR 450 (tax included), and at today's exchange rate, it's $620. So you save about $50 plus tax.
I've done the research, since my family's in the US and I've been trying to figure out where I should buy...
The British pound is still quite high, so it's hard to find things that are cheaper there than in the US (or often even in Europe).
Edited to add: LV in France is a bit cheaper than in Germany, too.