Bloomberg spoke about the boom of premium brands in Russia

Premium brands expect from Russia further sales growth amid falling mass market, according to Bloomberg. For wealthy buyers cheap ruble provides additional opportunities, the Agency explains.

According to Bloomberg, Prada reported “significant growth” of Russian sales last year. In Europe, excluding the British Isles, Russia proved the most stable market for Rolls-Royce, the Agency refers to these companies. The representative of the Russian Bentley dealer Avilon company stated that it expected that Russia will become one of the main markets for the new SUV, scheduled to be published this spring.

In the hope of a continuation of this trend, some global premium brands open new stores in the Russian capital, according to Bloomberg. According to the representative of Gum at the end of last year, its stores it was opened by Bulgari and Jimmy Choo.

“Sales are growing not only in rubles but in foreign currency”, — told Bloomberg the Vice-President of the largest premium retailer of Russia’s Mercury group. According to the Moscow consulting Agency Fashion Consulting Group, some wealthy shoppers reduced trips to Europe and often go shopping at home.

Retailers argue that the crisis is best sold expensive handbags and shoes with clearly visible symbols of the brand, according to Bloomberg. According to Denis Bogatyrev, head of BNS Group, which operates 180 stores throughout Russia, the strongest blow fell on the brands of the lower price segment. He added that last year his company opened in Moscow, four stores American premium brand Michael Kors, specializing in handbags and accessories.

“Over the past two decades when a market-based economy, the country experienced three financial crises”, — said Vladimir Holyaznikov, CEO of KupiVIP Group involved in the sale via the Internet of goods of premium class. He emphasized that this experience taught Russians that the safest way of investing money it’s a waste to buy them, adding that last year the volume of orders his company has grown by 55%.

Holyaznikov explained that people often consider more advantageous to buy premium goods at lower rate of exchange than to buy dollars at 80 rubles.

“Customers of the premium segment hard to deny their lifestyle,” said Maria Vakatova from Watcom consultancy Group, noting that “even in difficult times there are people who are willing to spend half a million rubles for the trip to the store”.

One of the sources of growth in premium sales for some brands have become Chinese tourists, writes Bloomberg. Their number in Moscow has risen sharply over the past two years, and the difference in exchange rates makes the purchase of luxury goods in Russia cheaper than at home.