The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The Russian Union of Shopping Centers is reportedly in negotiations with retailers from Turkey, China, India and Brazil to open new stores in the country’s shopping centers, replacing the Europeans brands that have recently closed stores.
Until recently, Western brands occupied 34 percent of leasable space in Moscow’s main shopping centres, according to data from retail analytics firm, Focus. Retailers including Inditex, H&M, LVMH, Kering, Richemont and Chanel have all suspended their business in the Russian market in recent weeks, following Russia’s invasion of Ukraine.
Turkey already has some fashion chains active in the Russian market, including high-street fashion players LC Waikiki, which runs 40 stores in Russia and has said it plans to open 10 more, as well as Koton and denim brand Mavi, which have multiple stores across Russia and are represented at e-commerce platforms like Wildberries, Lamoda and Ozon. Premium brand Zeynep Arcay has also been mooted as a possible new entrant in the Russian market.
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Uniqlo Reverses Course to Suspend Operations in Russia
The decision comes as the company faced public pressure to halt operations in the country, as a wave of retailers, including fast fashion rivals H&M and Zara, shut up shop.
Despite decades of volatility in Latin America’s third-largest economy, some local fashion entrepreneurs have found success thanks to a combination of grit, determination and hyper-adaptability.
This week’s round-up of global markets fashion business news also features Hong Kong jewellery giant Chow Tai Fook, Ghana’s travel retail move and Brazilian apparel retailer Lojas Renner.
This week’s round-up of global markets fashion business news also features Japanese cosmetics group Kosé, Pakistan’s e-commerce market and JD.com’s management shakeup in China.
Actors are a particularly effective way of reaching Indian consumers, but fashion brands should consider widening the net to include other famous faces like local musicians, athletes and celebrity influencers, say marketing experts.