The market for luxury goods will fall by 18%
16.10.2014 4082

The market for luxury goods will fall by 18%

Russians are sharply reducing consumption of luxury goods: according to forecasts by Bain & Co, the market for expensive goods this year will fall by 18% to 4,6 billion euros - more than during the crisis of 2008-2009, when the fall was only 5%.

Bain & Company cites the devaluation of the ruble, the Crimean crisis, which caused the deterioration of the economy, combined with a decrease in consumer confidence, as the reasons for such a sharp and strong decline in sales in the Russian luxury segment in 2014. Disappointment with the Sochi Olympic Games is also cited as one of the reasons.

Wholesale customers have reduced access to credit resources, and a drop in sales leads to a lack of liquidity, which, in turn, worsens their prospects for fulfilling obligations to counterparties. Bain & Company expects Russian luxury wholesalers to cut their spring / summer 2015 budgets by up to 30% due to falling sales and continuing ruble devaluation. The overall low level of consumer confidence is due to uncertainty about the future.

Russians are sharply reducing the consumption of luxury goods: according to Bain & Co forecasts, the market for expensive goods this year will fall by 18% to 4,6 billion euros - more than in ...

Latest News

Golden Goose acquires its main sneaker supplier

On Wednesday, Golden Goose, known for its Superstar sneakers, announced the acquisition of Italian Fashion Team, the main supplier and manufacturer of luxury sneaker brand Golden Goose. The amount of the deal was not disclosed...
06.10.2022 128

Kari adds new product categories to the range of family hypermarkets

Russian shoe retailer Kari continues to experiment with retail formats and assortment. This summer, the three well-established formats of Kari shoe retail - Kari shoe stores, Kari Kids for children and Kari Hyper hypermarkets - ...
06.10.2022 130

Bikkembergs released a collection of his own hits from 1990 and 2000.

Antwerp-born fashion brand Bikkembergs has launched an archival project, a collection of fifty-three items from the past. “These are things that don’t need to be updated to make people like them, they just need to be redone…
05.10.2022 152

JamilCo to add three Turkish brands to its portfolio

JamilCo, one of the largest Russian distributors in the fashion segment, whose portfolio includes such brands as Timberland, New Balance, DKNY, Escada and others, is going to introduce three new Turkish brands to the Russian market –…
05.10.2022 339

New Balance and Aimé Leon Dore launch 650R in new colorways

New Balance's iconic collaboration with young New York-based streetwear menswear brand Aimé Leon Dore continues. Brands have decided to release the classic silhouette of the 650R sneaker in new colorways.
04.10.2022 298
When you sign up, you will receive weekly news and articles about the shoe business on your e-mail.

To the beginning