Russia

Most Russians Unruffled By Exodus of Western Clothing Brands, Survey Shows

A woman walks past a closed Chanel shop in Moscow on March 10, 2022.A swathe of Western fashion brands made a great show of exiting the lucrative Russian market, albeit at their own detriment, following the start of Moscow’s special military operation in Ukraine in February 2022. They have been counting their losses since, while the niches that opened up in Russia were not left empty for long.More than 50 percent of Russians couldn’t care less that a swathe of global fashion brands exited the country last year, a recent survey has revealed. Russia’s consumers are quite content, as they go about their business, browsing the generous array at various shopping centers and online.© Sputnik / Ekaterina Chesnokova / Go to the mediabankA shop window at GUM during the sale seasonA shop window at GUM during the sale season / Go to the mediabankIn a swirl of elegant skirts and leaving behind an inimitable aftertaste of chic elegance, Chanel, Louis Vuitton, Zara, H&M, and other fashion brands flounced off the Russian market in early 2022. The cavalier exit, carried out with the pomp and circumstance befitting leading fashion conglomerates, was supposed to hit hard at Russian consumers. Conceived as part of the sanctions campaign punishing Russia for its special operation in Ukraine, the exodus resulted in hefty losses for the brands themselves. Meanwhile, in Russia market niches were immediately filled by local brands and welcome newcomers eager to set up shop in one of the world’s largest economies in terms of GDP based on purchasing power parity (PPP).Over 56 percent of respondents questioned by analysts from Kokoc Group, one of the leaders in the field of Internet marketing, revealed that they had barely noticed the departure of foreign clothing brands. In their opinion, there are sufficient choice options at stores across the country. Aged 18 and over, interviewed Russian consumers revealed that neither their preferences nor their wallets have been impacted by the flight of brands. EconomySwedish Fashion Giant H&M to Cut Costs as Profits Drop 89% After Cavalier Russia Exit29 September 2022, 07:34 GMTAnother 23 percent confirmed that while the variety of goods on sale was still really great, the prices had risen steeply. Another 6 percent shared the joy of discovering domestic brands. Russian brands can easily compete with foreign ones, at least 32 of respondents stated. 19 percent of respondents agreed, but said that domestic brands were prone to inflate prices.Around 39 percent of the Russians surveyed quipped that they were quite oblivious of the country of origin when choosing clothing items for themselves.Still, around 12 percent told the analysts they were hoping for the return of the fashion giants. No more than 3 percent of those polled were still moping around as they hunted down odd pickings of their favorite brands, such as Zara and H&M, on marketplaces.RussiaObservers: Foreign Brands Leaving Russia Over Ukraine Spec Op are Losing Credibility & Market Niche9 March 2022, 04:00 GMTDespite the fact that significant changes took place in the world in 2022 against the backdrop of volatile developments, the fashion industry in Russia appears to have risen up to the challenges. It has adapted to the overall mood, and rushed to cater to its ever-growing customer base.

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