Russian luxury market shows signs of recovery

In an interview to the Italian media, Alexander Shumsky, the organizer and promoter of Russian Fashion Week confirmed the Fall/Winter season sales are improving gradually. He also stated that the international crisis has brought changes in the profile of the Russian luxury consumer, which is less obsessed by famous brands and is much more selective, paying attention to quality and price.

Mr Shumsky is also the owner of research agency Artefact which issues on an yearly basis a ranking of preferred luxury brands by the Russian consumer. He confirms Italian brands such as Dolce Gabbana, Gucci, Armani and Prada are still on the top list of favorite brands for Russians. At the same time, he identifies the crisis as an excellent opportunity for local Russian brands to attract customers.