Russian fashion market: Asian apparel manufacturers, particularly from Bangladesh and Vietnam, are taking full advantage of the exodus of their Western counterparts’ withdrawal from Russia to establish a stronger foothold there, according to the Vietnam Textile & Apparel Association.
The downturn in the Russian clothing and footwear market has prompted several leading international brands including OVS (Italy), New Look and River Island (both UK) and Esprit (Germany/Hong Kong) to close their Russian operations, opening the way for manufacturers from Asia.
Although the Russian fashion retail market gas declined by 40% in volume terms since the beginning of the year, it is expected to grow by between 3.5 and 4% in value terms by the end of the year.
The downturn in the Russian clothing and footwear market has prompted several leading international brands including OVS (Italy), New Look and River Island (both UK) and Esprit (Germany/Hong Kong) to close their Russian operations, opening the way for manufacturers from Asia.
Although the Russian fashion retail market gas declined by 40% in volume terms since the beginning of the year, it is expected to grow by between 3.5 and 4% in value terms by the end of the year.
Source: rbth