Lux does not leave Russia – Kommersant FM
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More than 70% of international luxury brands remain in Russia. We are talking about companies that produce clothing, shoes, jewelry and watches, IBC Real Estate reported. At the same time, almost half of them are updating their collections, and about 40% are selling off leftovers. According to analysts, items from Balmain, Chloe, Giorgio Armani and other brands can still be purchased, for example, at TSUM. The stores sell goods that were imported before the introduction of Western sanctions.
Basically, the assortment is updated thanks to buyers, noted fashion director of Catcher Concept Store and MVM Group Lidiya Alexandrova: “According to my feelings, not 30% of the market has gone, but at least half. The hardest thing is to buy items from the most sought-after and popular brands, such as Chanel, Louis Vuitton, Dior. At the same time, the resale market is now very thriving. For example, if you go to TSUM, then about 2/3 there is already TSUM Collect.
Buyers decide many issues. I think it’s time to open a department to teach this profession. Now they are again buying clothes, shoes and accessories abroad, bringing them here and handing over the goods to large stores such as TSUM.
Ultimately, you can find almost all the new items, but of course, it is not such a wide range, and the prices leave much to be desired. The resale markup can range from 30 to 100%. Meanwhile, the demand for luxury brands among Russians is traditionally high, I think it’s in our blood.”
New collections are supplied by less than 35% of Western luxury brands, according to analyst data, and approximately a quarter of the brands of the total volume have suspended operations in Russia. This is, in particular, the LVMH group, Kering and Richemont. At the same time, boutiques of Gucci, Louis Vuitton, Cartier and other brands are closed, but continue to occupy retail space in Moscow locations.
But these stores will also leave Russia, says Marina Malakhatko, senior director of CORE.XP: “80% of any brands, luxury or not, are represented through partners. That is, they have the right to sell the products of one or another company on the territory of the Russian Federation. Therefore, we cannot say that the trademarks remained in the country, because in fact all those that were directly introduced have left. Some of them have already completely withdrawn their business, while others continue to pay rent, but this is temporary.
Obviously, these brands will end their leases, close their stores, take down their signs, and we won’t see them again. Another two or three years will pass and Stoleshnikov Lane, Petrovka, Kuznetsky Most, this “golden” triangle of Moscow will be empty and replaced by other companies.
If we talk about what is presented through affiliate schemes, then among such products there are a lot of Italian brands, there are also French ones in the affordable luxury, middle up segment.
“They really continue to operate in one form or another and try to be introduced to Russian clients so that they are not forgotten.”
As Kommersant FM previously found out, due to difficulties in purchasing Western luxury brands, Russians began to spend more in outlets. If in 2021 the average bill was about €300, now it has increased by 30%. According to experts, two trends have emerged – luxury brands are turning into the premium segment, and multi-brand stores are opening instead of mono-brand boutiques.
Everything is clear with us – Telegram channel “Kommersant FM”.
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