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.
Russia’s largest online retailer, Wildberries, has expanded its operations to the US, where it will compete with American giant, Amazon, and China’s AliExpress.
This marks the 14th country in which Wildberries, founded by Russia’s richest women, Tatiana Bakalchuk, has a presence, after launching in France, Italy, Spain and Germany earlier this year.
In 2020, the platform’s sales outside of Russia increased by 95 percent year-on-year to 23.7 billion rubles ($305 million).
Its offering includes about 5.5 million items from more than 40,000 brands, ranging from Russian designers and mass market labels, to luxury fashion houses like Armani and Burberry.
“Our platform brings together entrepreneurs and ... we are open to expanding cooperation with American entrepreneurs, including small and medium-sized businesses,” Vyacheslav Ivashchenko, the director of development at Wildberries, said in a statement.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.
Spurred by rapid growth in the pure luxury market, global brands operating in lower-priced segments like contemporary fashion are entering the country or accelerating expansion plans.
This week’s round-up of global markets fashion business news also features India’s textile industry, Chinese beauty major Yatsen and Ghana’s newest garment factory.
Luxury fashion retailers in the oil-rich African nation keep a low profile to provide a discreet shopping environment for consumers and avoid flaunting the elite nature of their own business.