The Russian Union of Shopping Centers is reportedly in negotiations with retailers from Turkey, China, India and Brazil to open new stores in the country’s shopping centers, replacing the Europeans brands that have recently closed stores.
Until recently, Western brands occupied 34 percent of leasable space in Moscow’s main shopping centres, according to data from retail analytics firm, Focus. Retailers including Inditex, H&M, LVMH, Kering, Richemont and Chanel have all suspended their business in the Russian market in recent weeks, following Russia’s invasion of Ukraine.
Turkey already has some fashion chains active in the Russian market, including high-street fashion players LC Waikiki, which runs 40 stores in Russia and has said it plans to open 10 more, as well as Koton and denim brand Mavi, which have multiple stores across Russia and are represented at e-commerce platforms like Wildberries, Lamoda and Ozon. Premium brand Zeynep Arcay has also been mooted as a possible new entrant in the Russian market.
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Uniqlo Reverses Course to Suspend Operations in Russia
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