The most optimistic forecast envisages that the sales on the Russian fashion market will recover only around mid-2021, Anna Lebsac-Kleimans, director of the Russian analytical agency Fashion Consulting Group said. In 2020, sales are likely to contract by 25 to 40 percent compared to the previous year, she said.
The retail lockdown has hampered the market, but currently, the main problem is the absence of foreign visitors. Tourists traditionally represent up to 15 percent of sales in the market’s premium segment during the summer season, she said. The lack of tourists has primarily impacted stores selling shoes and clothes in Moscow and St. Petersburg.
In 2019, the Russian fashion market’s turnover amounted to 2.29 trillion rubles (€25.9bn-$30.5bn). To some extent, the market still could rebound in the second half of the year as the autumn season is crucial for the Russian fashion industry.
For some companies, the August-September period could account for nearly two-thirds of annual sales, Lebsac-Kleimans said. She added that sales will largely depend on the evolution of the coronavirus pandemic.