All Russia articles – Page 2
-
ArticleA weak ruble pushes up footwear prices in Russia
Russian footwear retailers anticipate prices to soar in the next few months following the weakening of the national currency. The Russian ruble has dropped by nearly 30 percent this year against the U.S. dollar as a result of a collapse in export revenues and growing budget spending, making it one ...
-
ArticleRussia mulls creating footwear clusters to boost local production
The Russian government is discussing the establishment of footwear clusters in the European part of the country, aiming to meet at least 10 percent of domestic demand. The clusters are planned in the Dagestan Republic, Rostov and Moscow province, or oblast, the Russian newspaper Izvestia reported, citing sources close to ...
-
ArticleRussian online retailer Lamoda plans to open 300 physical stores
Major Russian marketplace Lamoda plans to invest 30 billion rubles (€300m) over the next three years to open 300 brick-and-mortar stores in the country, partly taking over a former Adidas branch. The first 50 stores are expected to be operational by the end of 2023, a source close to the ...
-
News briefs
Russia’s former New Balance distributor launches a new chain
Jamilco, the former Russian distributor of New Balance, announced the launch of the multi-brand footwear retail chain Trendzone. Initially, the company will open 32 stores at sites formerly run under the New Balance banner. The company has already opened an online store, trendzone.ru, to which users are automatically redirected from ...
-
News briefs
Moscow footwear output up 58% in Q1
The production of footwear in Moscow surged by 58 percent year-on-year in the first quarter of 2023 to 435,000 pairs, according the mayor of the Russian capital, Sergei Sobyanin. Meanwhile, the production of clothing increased by 94.6 percent, he added. Russian companies have been benefitting from the exit of Western ...
-
ArticleThe Russian fashion market is in turmoil, but local brands benefit
In 2022, the overall Russian fashion industry experienced a 12 to 15 percent drop in domestic sales volume, but local brands nevertheless experienced a surge in turnover ranging between 10 and 25 percent, Anna Lebsak-Kleymans, CEO of the Russian think tank Fashion Consulting Group, told the Russian edition of Forbes. ...
-
ArticleRussian marketplaces join forces to clamp down on counterfeit goods
A group of Russia’s largest online marketplaces launched a joint initiative to establish a blacklist of suppliers found peddling counterfeit goods. The businesses decided to clamp down on fraud after facing growing criticism from customers and concern from regulators. Russia’s Center for the Development of Advanced Technologies, a government agency ...
-
News briefs
Iranian brands to make a debut on the Russian footwear market
An estimated 15 to 20 Iranian fashion brands could emerge on the Russian market this year, the Russian newspaper Izvestia reported, citing the outcome of recent negotiations between Iranian and Russian authorities. The Russian union of shopping centers also unveiled that the first agreement with an Iranian company had already ...
-
News briefs
Consumer demand for footwear bounces back in Russia
In January 2023, Russian fashion retailers enjoyed an 11 percent year-over-year rise in revenues thanks to a 6 percent increase in customer traffic, Russian consulting firm Focus Technologies estimated, attributing the trend primarily to weaker competition due to the departure of numerous Western brands from the country following Russia’s invasion ...
-
ArticleRussia’s retailer Paolo Conte goes bankrupt
A Russian court has declared St. Petersburg-based footwear retailer Paolo Conte bankrupt, sparking concern over the future of small-scale players in the country. Paolo Conte operated 81 stores and was ranked sixth in the list of the largest mid-priced footwear retailers in Russia. The company started facing financial difficulties in ...
-
News briefs
Russian cut spending in footwear
A vast majority of Russians cut spending on clothes and shoes in the second half of 2022, according to a survey conducted by the local analytical agency A2: Research. The bulk of those surveyed, about 44 percent, reduced their spending by 20 to 30 percent compared to the previous year. ...
-
ArticleChinese brands eye the Russian market
Numerous Chinese brands plan to enter the Russian market, eyeing the empty space left by Western companies, the Russian newspaper Izvestia reported, citing sources in the Russian Union of Shopping Centers. At the end of 2022, Chinese companies already accounted for 15 to 20 percent of the shopping floor in ...
-
ArticleRussia plans to resume footwear imports from North Korea
Russia is considering resuming the import of clothes and footwear from North Korea, suspended several decades ago, the Russian state news outlet Ria Novosti reported, citing the Russian embassy in Pyongyang. Russia is very interested in purchasing goods from North Korea, including garments and shoes, the embassy said, adding that ...
-
News briefs
Nike stores re-open in Russia under a new banner
The first Nike store was re-opened in Russia under the banner Nike Sport Point in the Outlet Village shopping center in Moscow. On June 23, Nike announced its decision to pull out from Russia in the wake of the country’s invasion of Ukraine. Following the move, the Cheryomushkinsky Court of ...
-
News briefs
Russian e-commerce up by 39%
In the first eight months of 2022, Russia’s e-commerce industry experienced a 39 percent year-over-year rise in sales to 3.08 trillion rubles (€51.6 bn), the Association of Internet Trade Companies (AKIT) reported. In 2022, Russia’s e-commerce revenues are expected to exceed 5 trillion rubles (€83.7 bn), Artem Sokolov, the ...
-
ArticleRussia shopping centers call for a tax break
The Russian council of shopping centers is calling for immediate assistance from regional governors as the average footfall has dropped by 20 percent in the first nine months of 2022 compared with the same period of the previous year. The association is calling for tax breaks until September 2024. In ...
-
News briefs
The Russian fashion market has nearly halved
Between February and August of 2022, the sales of shoes, clothes and accessories in Russia plummeted by 40.5 percent against the same period of the previous year, according to Anush Gasparyan, spokesperson for the Moscow-based think tank Fashion Consulting Group. As many as 23 percent of the Russian customers surveyed ...
-
ArticleRussian footwear brand Basconi plans to expand
Amid a mass exodus of Western brands out of Russia, the local footwear company Basconi plans to enhance efforts aimed at improving the brand’s recognition and continues developing its franchise network, Vitaly Ifraimov, co-owner of Basconi, told to the Russian press. Basconi runs a network of 50 stores in Russia ...
-
News briefsOnly two foreign brands entered Russian market in H1
In the first half of 2022, only two foreign brands, the Chinese sporting goods supplier Li-Ning and the perfume company Vilhelm Parfumerie, entered the Russian fashion market, which is the lowest figure since 2014, according to a research conducted by Knight Frank Russia. On the other hand, nearly 180 brands ...
-
News briefs
H&M pulls out of Russia
H&M announced that it would start winding down its business in Russia. The move will cost the Swedish apparel retailer about SEK 2 billion (€190m), of which SEK 1 billion will impact its cash flow. The amount will be accounted as a one-time cost in the company’s third-quarter results. The ...
