Dior opens in Moscow

Moscow’s status as one of the world’s leading luxury capitals was underlined this month with the opening of its first Dior boutique. Dior is not alone in it’s quest to grab a slice of the Russian luxury market as other fashion and top luxury product brands rush to establish a foothold in this emerging economy.

This is hardly surprising in light of recent statistics that have revealed that the number of Russian millionaires has risen from 10,000 in the early 90s to 90,000 today. This means that Russia now represents 5% of the global luxury market, now estimated to be worth E6-7,000 million, and there is no sign of the growth slowing. Perhaps more drinks brands should be focusing on the potential of the top end of the Russian market

For a detailed report on the state of the luxury industry, see December’s the drinks business, out next week.

© db November 2006