Русский
Russian consumers now possess more income at their disposal since pre-covid times, where according to Macrotrends Russian consumer spending rose 19.68% in 2022.
That has led to seven new international brands opening their first stores in Russia during Q1 2024, according to Nikoliers a commercial real estate consulting firm.
“Based on the results of the first quarter, the Russian retail market added seven new international brands. New brands have appeared in the clothing and footwear, household goods, household appliances and electronics, and perfumery and cosmetics categories the Nikoliers report says.
These are Baasploa, Tecno and Ellassay from China, Josiny from South Korea, Chakra from Turkiye, 22/11 Cosmetics from Armenia and Rinascimento from Italy. These stores have opened in Moscow, while Tecno opened a store in Kaliningrad.
Another ten additional retailers have announced they are entering the Russian market this year. Confirmed are 8 Seconds (South Korea), Home Box and Brands (UAE), Deha (Italy), Big Chefs (Turkey), Panier des Sens (France), Semir and Balabala (China), Laplandia (Finland) and Lifework (South Korea). They represent the clothing and footwear, household goods, restaurants, cosmetics and perfumes, products for children and grocery categories.
Nikoliers said that last year. the Russian market welcomed 27 new foreign brands, mainly from Turkey, Lebanon and Belarus, while eight retailers ceased operations. They said that Russia remains an interesting market for foreign brands. The Russian middle class is estimated to be about 80-100 million people in size. Most of these brands are filling in market sectors that were previously occupied by Western businesses.
