A number of retailers of clothes, shoes and accessories are suspending supplies to Russia due to a sharp drop in the ruble exchange rate. Among them are such large names as Inditex (Zara, Pull & Bear, Massimo Dutti, Bershka, Oysho, etc.) and the BNS Group, which manages the networks of Calvin Klein, Armani Jeans, Michael Kors, TopShop, etc. in Russia.
As explained by the CEO of BNS Group Denis Bogatyrev, the company was supposed to start picking up supplies for the next spring in mid - end of December, but took a break until the end of 2014 - the first week of 2015. The changes affected primarily premium brands. “For fast fashion brands, for example TopShop, we continue to ship, having reduced their volume,” Bogatyrev noted.
"The purchase price is virtual, no one knows what course to take," the newspaper quoted a source from an unnamed company, one of the ten largest apparel sellers in Russia, that suspended the order for the fall-winter 2015-16 season.
Many retailers do not convert rubles into foreign currency at a high rate, expecting a "bounce" and delay payments for the next collection. In total, deliveries of about 10% of the market in monetary terms have been suspended, according to Daria Yadernaya, Managing Director of Esper Group.