Serbia’s luxury market drops 15% in the first quarter of 2010
Despite the international financial crisis, Serbia remains one of the least affected luxury markets in Central and Eastern European region, registering an average overall drop of 15% in the first quarter of 2010 compared to the same period last year and in contrast with an average loss of 25% in Romania and 30% in Bulgaria. The most affected luxury market segments in Serbia are: fashion, leather accessories and jewellery. Given the current conditions, it is very unlikely for the market to recover any time before the Christmas season.
Hospitality, SPA and watches segments have registered stagnant results. Unlike other countries in the region Serbia has not had any closures of important luxury outlets. The most important newcomer to the market has been Burberry which opened a franchised 350sqm store.
Last month, a contemporary fashion multibrand opened downtown Belgrade, with a brand mix which includes: Gerard Darel, Et Vous,Chie Mihara,Ambre Babzoe,Miss Sugar Cane Also last month, Belgrade saw the opening of HYDE, an ultra stylish champagne lounge which has already been the venue for several fashion themed parties. By the end of this year, Emporio Armani and D&G are set to open monobrand stores, both with franchise operations.