Analytical report №1.
Russia’s Fashion Market: industry trends, current central figures and news
Prepared by the consultancy firm Fashion Consulting Group, be request of СРМ – Collection Premiere Moscow
After 15 years of tremendous and extensive development in 1999-2014, during the last 5 years the Russian fashion market has changed from rapidly growing and unsaturated into saturated and highly competitive market characterized by broad offer in all the segments, well-developed trade infrastructure, intelligent and exacting customers as well as by wide exposure of various international brands. It’s worth noting that Russia is high on the list by the number of the marketed brands. Pretty much every world leader has already been operating in Russia.
The important factor increasing the tough competition at the market tends to be the long-lasting consequences of the international economic sanctions and the local foreign exchange crisis of 2014 which has resulted in significant weakening of the buying activity as compared to the impulsive consumer behavior during the preceding decades.
The turbulent market challenged companies and by so doing it made strong players stronger, opened the door to innovating retailers, new niche brands and the Internet-based projects.
The Russian market is going through a difficult period but continues to be promising and interesting for those companies that place it within the long-term strategic context, are able to respond quickly to local demand fluctuations and comply with the current requirements to digitalization.