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.
Sales of Russian-made clothes have more than doubled over the last three months at one of Russia’s largest online retailers, it said on Monday, as scores of Western brands quit the country.
Sales of clothes, footwear and accessories by Russian brands and manufacturers were 2.6 times higher in March and April than in the same months last year, Ozon, Russia’s second-largest e-commerce platform, said.
Ozon said the main reason for the growth in sales was its expanded offering. But with Western brands leaving the market and the economy braced for a deep recession this year, the data signal Russian consumers are being forced to find replacements.
H&M, Uniqlo and Adidas are among companies that have suspended operations in Russia since Moscow sent tens of thousands of troops into Ukraine on Feb. 24. Industry figures have also pointed to significant supply chain disruption and difficulties with cross-border payments following the imposition of extensive Western sanctions on Russia.
ADVERTISEMENT
The Russian Council of Shopping Centres (RCSC), an industry body, has said it will look to China, India, Iran and Turkey to plug the gap left by the exodus of Western retail chains.
By Reuters; Editor: Mark Potter
Learn more:
What Russian Sanctions Mean for Fashion
Navigating sanctions on Russia requires ‘constant vigilance and flexibility’ from brands and retailers. Here’s what you need to know.
This week’s round-up of global markets fashion business news also features Brazil’s JHSF, the Abu Dhabi Investment Authority and the impact of Taiwan’s earthquake on textile supply chains.
This week’s round-up of global markets fashion business news also features Dubai’s Majid Al Futtaim, a Polish fashion giant‘s Russia controversy and the bombing of a Malaysian retailer over blasphemous socks.
As luxury marketing hits saturation point in Dubai during the Muslim holy month, global brands are ramping up their local engagement in other Gulf cities including Riyadh, Abu Dhabi and Kuwait City.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.