Well-known European clothing brands begin to withdraw from Russia

According to reports from the Russian News Network, in addition to the decline in macro indicators reflecting the continuous economic recession, some phenomena can better reflect the depth of the economic crisis. Due to the uncertain economic development prospects and consumers starting to shop cautiously, some well-known European clothing brands began to withdraw from Russia. These include French women’s clothing Kookai, Italian Diese (the brand entered Russia in 1997), etc. Due to the sudden drop in consumer demand, the depreciation of the ruble, and the increase in import tariffs, brands such as Dior, Chanel, Louis Vuitton, Max Mara, Escada, and Kiton that originally planned to officially open representative offices in Moscow in 2009 have abandoned their original plans. Sellers believe that these well-known brands’ originally most guaranteed consumer groups are currently experiencing not only economic “shock”, but also moral “shock”. They have lost hope for the future and people are becoming more and more cautious about their money. bags to avoid haphazard shopping.