Luxury fashion sales in Central & Eastern Europe, down 25% in the first 5 months of 2011
Following a survey among major luxury fashion and accessories retailers in Central & Eastern Europe, CPP has learned sales for the first five months decreased by an average 25%, compared to the same period last year, with Hungary, Bulgaria, Romania and Serbia as the most affected, while Poland and Czech Republic being the least affected. Sales of luxury fashion and accesories in Moscow and Russia dropped by 10% compared to the same period last year, while sales in major cities such as Yekaterinburg dropped by up to 25%.
The sales drop is mostly due to the economic environment, most countries still being affected by recession, including the drop in number of foreign tourists such as Hungary. Purchasing power has also ebbed in all countries, over 10% of customers having basically disappeared from the brands’ databases.
Best performing brands in the region have remained Louis Vuitton and Ermenegildo Zegna. Major expected openings in 2011: Louis Vuitton (Warsaw, Sochi), Prada (Kiev), Burberry (Bucharest), Gucci (Belgrade)