Chanel, Fendi and Bottega Veneta close stores in Yekaterinburg, Russia
Following the closure of Ferrari and Maserati dealerships last year and the downsizing of the Dior store (directly operated), more luxury brands have recently closed down their stores in Yekaterinburg, Russia’s third largest city in terms of concentration of wealthy consumers. The most prominent recent closure in Yekaterinburg was that of the Chanel store, directly operated from the subsidiary headquartered in Moscow. The Chanel store covered over 600 sqm and was situated within the same retail complex which houses Louis Vuitton and Dior.
Fendi and Bottega Veneta mono-brand stores (both operated in franchising) have also recently closed in Yekaterinburg. Among the reasons for the recent closures are the decline in buying power and the preference of local wealthy consumers for Dubai, during the peak shopping season, several direct flights connecting Yekaterinburg non-stop, to Dubai.
Until recently, Yekaterinburg, has been Russia’s third luxury shopping destination, with the highest number of luxury fashion and accessories mono-brand stores after Moscow and St Petersburg.