According to the Association of Italian Shoe Manufacturers Assocalzaturifici, in the first quarter of 2023, exports of Italian footwear to Russia increased both in value terms and in volume, namely by 31,7% and 26,4%, respectively, compared to the same period last year of the year. Namely, in the first quarter of 2022, trade between the countries was suspended after the start of a special Russian military operation in Ukraine, writes La Conceria.
“The market has found a way around this context,” says Andrea Brotini of footwear brand Pakerson. “Branded stores in Russia are closed, and those who used to buy luxury brand shoes are now buying Made in Italy products.” Having noticed that wealthy people in Russia are now less likely to leave the country and, accordingly, buy less abroad.
Statistics also show that footwear exports to Russia in 2023 increased in value by 3,6% compared to footwear exports in pre-Covid 2019; in physical terms it decreased by 8,5% year on year. An increase in the average price of footwear exported to Russia by 13,2% between 2019 and 2023 was also one of the factors in the increase in total exports in value terms.
Although the devaluation of the ruble raises some concerns. It is assumed that wealthy consumers will always find a way to acquire desired goods. Although, of course, today Russian consumers are more focused on meeting needs than on luxury. “In general, exports to Russia are going well, even if today we are worried about the devaluation of the ruble. We will be able to assess the impact of this factor on MICAM,” Brotini added.