It makes sense: Russia is a market with almost 150m people, a growing number of whom are able to afford international designer pieces. And London has been a magnet for wealthy Russians for years. Vadim Lapin, co-owner of the new Mari Vanna Russian-style restaurant in Knightsbridge, says: “There is huge demand from Russians for property in London and there are bookshops, restaurants and design agencies opening. Russian children go to English schools and universities. All of which strengthens the Russian influence. The city therefore becomes much less foreign to our compatriots and brings more Russians.”
Selfridges has seen a 10 per cent increase in Russian visitors since February, with an average customer spend of more than £1,000. In Moscow, the annual sales turnover for the luxury sector is more than $2bn, according to a recent report by the UK Fashion & Textile Association. Prada opened one of its largest European boutiques in Moscow in March. And luxury etailer luisaviaroma.com reports a 910 per cent growth in the Russian market in the past year. “The middle class has more money to spend, so the number of customers is growing,” says Andrea Panconesi, the site’s owner.
Selfridges has seen a 10 per cent increase in Russian visitors since February, with an average customer spend of more than £1,000. In Moscow, the annual sales turnover for the luxury sector is more than $2bn, according to a recent report by the UK Fashion & Textile Association. Prada opened one of its largest European boutiques in Moscow in March. And luxury etailer luisaviaroma.com reports a 910 per cent growth in the Russian market in the past year. “The middle class has more money to spend, so the number of customers is growing,” says Andrea Panconesi, the site’s owner.
