Luxury in Russia: The Comeback
Despite a difficult trading year in 2015, luxury brands are staging a comeback in the Russian marketplace according to Luxury in Russia: the comeback, latest report published by Contactlab in cooperation with Exane BNP Paribas.
The luxury market in Russia is actually valued at €3.5 billion following a 5 per cent growth in sales compared to the previous year, representing 1.4 per cent of luxury sales worldwide
Contactlab’s team of specialists carried out analysis of 32 brands and ranked them across different metrics, finding surprisingly lax attempts to reach Russian consumers amongst leading luxury brands. Perhaps the largest area of potential growth for luxury brands in Russia is ecommerce, whose penetration (as a percentage of total retail sales) lags behind other international marketplaces – worldwide penetration in 2015 was 7 per cent whilst in Russia it was only 2.5 per cent.