Gloria Jeans named the key drivers of fashion retail growth in 2023
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The key growth driver for fashion retail in 2023 will be the occupation by Russian manufacturers of space for international brands that have left Russia. About it on conferences “Kommersant” “E-commerce in Russia: New Retail. New Opportunities” said Yulia Nikolaeva, Senior Vice President for E-commerce at Gloria Jeans.
“I’ll start with the fact that international fashion retailers have left the market, and a niche has been vacated for Russian players. Many stores will be opened, a lot of space has been vacated, and they will be occupied by Russian retailers who will continue their expansion,” she said.
Ms. Nikolaeva also added that the growth of the fashion industry will be affected by an increase in online sales. According to her forecasts, in 2023 the e-commerce market will grow by 35%, and the fashion retail market will account for about 15% of the entire Russian e-commerce market and about 8% of the global indicator.
In addition, according to her, the industry will be affected by sales on marketplaces. DataInsight estimates that marketplace trading volume growth will account for about half of all online commerce growth.
After the start of the Russian military operation in Ukraine, many international clothing brands announced the suspension of work in Russia, including H&M, Inditex (Zara, Massimo Dutti, Pull & Bear, Bershka, etc.), Reserved and many others. Uniqlo also suspended work, according to information “Kommersant”, the company does not plan to resume work in the Russian market. According to Focus Technologies, at the end of 2022, the number of buyers in the fashion segment fell by 9%.
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