UKRAINE luxury market shows first signs of recovery, yet full recovery is expected end of 2011
Ukraine, three years ago, the fifth most dynamic and fast growing luxury market worlwide after China, Brazil, Russia and Mexico, is showing first signs of recovery in more than 11 months when the sales dropped by 30 to 40% in retail, 30% hospitality and more than 50% in cars.
According to CPP Management Consultants Ltd, March 2010 sales are reported to have increased and stabilized, especially in retail on the leather goods category of products. Apparel, watches and jewellery sales are still suffering deep sales drops.
Luxury British diamond jeweller GRAFF is set to open a monobrand franchised store in Kiev later this Spring and follows the recent opening of the BVLGARI monobrand boutique. Other major luxury jewellery and watches monobrand stores in Kiev are CARTIER and HARRY WINSTON.