Luxury rises in price
22.12.2014 3849

Luxury rises in price

Luxury sellers rewrite price tags due to a sharp devaluation of the ruble.

In Prada on Petrovka from December 18 prices rose by 15%.

All Louis Vuitton stores in Moscow are closed for revaluation; management is waiting for a decision from Paris.

At Chanel, prices have not changed.

Spring-summer 2015 collections will naturally be sold at new prices, says Kira, COO of the JamilKo group of companies (develops such luxury brands as Versace, De Beers, Chaumet, Salvatore Ferragamo, Sonia Rykiel, etc.) Balashov. According to her, the company is working to ensure that the prices for these collections are "as close as possible to European ones." For example, the Salvatore Ferragamo boutique has recently opened in GUM, where, as in other stores of this brand, new collections will be presented “at European prices,” she points out.

Almost all sellers of luxury goods have increased prices by an average of 25-30%, says Daria Yadernaya, managing director of the Esper Group consulting company. At the same time, empty shelves in some boutiques “sweep away everything,” she says.

In October 2014, Bain & Co analysts predicted that the Russian luxury goods market (clothing, accessories, jewelry, watches) would shrink by 18% to 4,6 billion euros at the end of the year. Although in spring Bain & Co estimated the fall of the Russian market by only 4-6% to 5,4-5,5 billion euros. The devaluation of the ruble and the Ukrainian crisis were the reasons for the deterioration of the situation, combined with a decrease in consumer confidence, the study authors noted.

Nuclear does not agree with the forecast of Bain & Co: by the end of the year, the market will grow by 4,4-4,8%. More growth is impossible - the goods will simply run out at the old prices, the expert noted.

Luxury sellers rewrite price tags due to a sharp devaluation of the ruble.
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