Russians turn to national clothing brands amid Western exodus
Sales of Russian-made clothing have more than doubled in the past three months at one of Russia’s biggest online retailers, he said on Monday, as many Western brands left the country. Sales of clothes, shoes and accessories from Russian brands and manufacturers were 2.6 times higher in March and April than in the same months last year, said Ozon, the second-largest platform of e-commerce from Russia.
Ozon said the main reason for the sales growth was its expanded offering. But as Western brands exit the market and the economy braces for a deep recession this year, data indicates that Russian consumers are forced to find replacements. H&M, Uniqlo and Adidas are among companies that have suspended operations in Russia since Moscow sent tens of thousands of troops to Ukraine on February 24. heavy Western sanctions against Russia.
The Russian Shopping Centers Council (RCSC), an industry body, said it would look to China, India, Iran and Turkey to fill the void left by the exodus from Western retail chains.
(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)