UKRAINE luxury market continues downturn

CPP Management Consultants LLC, sole Central and Eastern European management consultancy specialized in luxury, has conducted a survery among major luxury fashion and accessories retailers in Ukraine during May 2009. The results have confirmed an average drop in sales of 20%, mainly on mono brand distribution. Most affected seems to be the Gucci Group brands which are present through a unique franchising agreement, Escada and Hugo Boss. The negative trend will likely run into 2010, with no timing envisaged for a recovery.