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 Saint Petersburg-based fashion conglomerate, known for a stable of brands that includes Zarina, Befree, Love Republic and Sela, increased its revenue by 66 percent year-on-year to 28.3 billion roubles ($380 million) in the first nine months of 2021. Its revenue this year has already exceeded 2020 full-year revenue, the company said in a statement.
Online sales grew 46.1 percent to 8.7 billion roubles ($117 million) through Melon’s own channels and also collaborations with major e-commerce platforms, including Wildberries and Lamoda.
Throughout the pandemic period, the company has been reworking its physical retail network, closing 61 underperforming stores but opening 67 new locations, and now boasts a total of 815 stores.
Learn more:
How to Capture More of Russia’s E-Commerce Market
With Wildberries racing to become Russia’s answer to Amazon, many brands are turning to devoted fashion platforms like Lamoda.ru and Aizel.ru but the local e-commerce market poses many challenges.
This week’s round-up of global markets fashion business news also features PDD’s ascent in China, Kenya’s controversial suit ban and subterfuge in India’s jewellery trade.
According to The State of Fashion 2024, a potentially volatile global economy and geopolitical tensions in the coming months could further dent consumer confidence in key markets, requiring fashion brands, retailers and suppliers to bolster contingency planning and double down on operating efficiencies, among other measures.
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.