Luxury Brands Have Focused On China, Russia, India, And Brazil Essay examples

Luxury Brands Have Focused On China, Russia, India, And Brazil Essay examples

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Many luxury brands have focused on China, Russia, India, and Brazil, and Saudi Arabia (Doran, 2012; Luke, 2015). Russia was one of the biggest markets for luxury products before the global financial crisis in European countries in 2009 (Doran, 2012). Luxury products retailing has usually been Russia’s most developing sector, with the best part of global luxury companies present with the expansion of mono-brand stores. During the global financial crisis, many luxury brands had to close their stores in Moscow and St Petersburg. Recently, however, their economy has been again showing signs of recovery. For the reason, many luxury companies have begun to interest Russian market again. After 1990, the Soviet Union collapsed, Russian consumers have been unleashed because their government suppressed the desire to fashion (Abenett, 2014). Thus, Russia has become one of the biggest emerging fashion markets in the world. However, since 2014, Russia has been repeatedly seeking isolationist policies and self-centered by President Vladimir Putin’s economic and foreign policies. Also, Russia and the West countries ' relationship have been worsening due to their military intervention in Ukraine in 2014. For these reasons, their economy has been gravely affected. Nevertheless, Russia is still one of the world’s highest potential fashion markets for success with the luxury market. According to Fashion Consulting Group, seven to eight percent of their fashion sales have declined in the 2014, compared to the in 2013. However, they would expect that, in 2015, the fashion sales in Russia will increase more than twenty percent from last year. The Russian market has focused the attention of the most of the luxury companies, and they have established the...


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...t, so the higher tariff rates have negative affected foreign trade. For the reasons, their government and luxury companies should invest more in the local market, and they should lead Russian consumers back to the local market from the foreign market. I think luxury companies are less in the customer relationship in both online stores and bricks-and-mortar stores in Russia than in other Europe countries even though Russia has one of the biggest vigorous e-commerce sectors in the world, and they are the biggest market for internet shoppers in Europe counties (Roberts, 2014). Chinese luxury fashion market has already been exceeded saturation; thus, they should look at the state of other potential market places. I believe that Russia is a highest potential for success for luxury fashion brands, so they should develop and invest for strategy of luxury fashion in Russia.

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