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FASHION MARKET in RUSSIA and SAINT PETERSBURG FLANDERS INVESTMENT & TRADE MARKET SURVEY Market Study

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FASHION MARKET in RUSSIA and SAINT PETERSBURG FLANDERS INVESTMENT & TRADE MARKET SURVEY Market Study FASHION MARKET IN RUSSIA AND SAINT PETERSBURG FLANDERS INVESTMENT & TRADE MARKET SURVEY Market study //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// FASHION MARKET IN RUSSIA AND SAINT PETERSBURG //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// www.flandersinvestmentandtrade.com TABLE OF CONTENT 1. Industry profile ....................................................................................................................................................3 2. State of Russian fashion industry ............................................................................................................. 4 3. Market segmentation and consumer profiles .................................................................................. 10 4. Fashion market in Saint Petersburg ....................................................................................................... 11 5. Fashiontech sector in Russia ...................................................................................................................... 14 6. Export opportunities for Belgian companies ................................................................................... 16 7. Sources .................................................................................................................................................................... 17 8. Contact information ........................................................................................................................................ 18 FLANDERS INVESTMENT & TRADE Economic and Commercial Representation of Flanders, Wallonia and Brussels Flanders Investment & Trade Nab. reki Moyki 42, liter A, office 38H 191186 Saint-Petersburg RUSSIA T +7 812 34 77 919 [email protected] //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// page 2 of 22 FASHION MARKET IN RUSSIA AND SAINT PETERSBURG 1. INDUSTRY PROFILE In recent decades, the fashion industry has been an engine for global development. Being one of the world’s largest consumer industries, it generates €1.5 trillion in annual revenues and employs about 60 million people around the globe. The global recession has changed the behavior of consumers. They are now more value-conscious, more attracted to private labels and less to purchase expensive items. So fashion retailers try their best to offer consumers a favorable value proposition and fast fashion that captures current fashion trends. The Russian fashion market is gradually recovering from recession caused by European sanctions. Inflation, price and VAT increase (VAT increased to 20% as of 1 January 2019) have affected the behavior of many Russian consumers. Average people spend now more money on food, rent and other household expenses and less money on clothes and shoes. According to the RUSSIAN FEDERAL STATISTICS SERVICE (http://www.gks.ru), the fashion industry grew by 3% last year reaching RUB 2,36 trillion (EUR 32,2 billion). The industry achieved a positive growth rate in 2016, an increase of 1,3% compared to a considerable drop of 7% in 2015. In 2017, the positive growth rate continued, an increase of 2,6% compared to 2016. E-commerce is the main driving force in fashion retail in Russia. Despite a sharp decline in people’s purchasing power, online sales grew by 20% totaling close to RUB 200 billion (EUR 2,72 billion) in 2018. The online share reached 10% in the total fashion sales volume and will continue to grow moderately in 2019. Fashiontech sector is taking shape in Russia. It bridges the gap between technological innovation and future fashion. In Russia this sector unites about 40 start-ups that focus on different technologies: 3D printing, innovative materials, wearable gadgets, e-commerce, VR\AR technologies, content-based image retrieval, digital marketing. Moscow and Saint Petersburg are the biggest fashion markets in Russia. They have the largest concentration of retail chains, shopping malls, monobrand stores and off-price stores as well as the biggest number of consumers. As for Saint Petersburg, there are 328 textile and apparel companies and 98 leather, haberdashery and footwear companies. The local fashion industry employs almost 13 000 people (3,8% of the active population) and plays an important role in the city economy. Saint Petersburg is the home city of many fashion designers, and that is why the city is often called Russia’s fashion capital. The city hosts notable fashion events and is influential for Russian fashion. //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// FASHION MARKET IN RUSSIA AND SAINT PETERSBURG page 3 of 22 2. STATE OF RUSSIAN FASHION INDUSTRY The essential characteristics of the Russian fashion industry include the following: • Strong dependence on imported clothes, shoes, fabrics and accessories • Bad connection between fashion designers and textile producers, weavers • Subcontracting garment and shoe production overseas • Shortage of domestic raw materials (flax, cotton, wool) • Low investment activity • Antiquated equipment and technologies resulting from inadequate capital investment • Lack of skilled personnel (sewing, textile, leather and shoemaking) • Counterfeit and illegally imported goods from China, Kazakhstan and Kirgizstan • Low export activity • Declining household incomes that influence consumer spending • Growing interest to Russian fashion designers • Protective and corporate clothing production growth. This section provides just a brief description of the given characteristic features. Russia’s apparel and footwear sectors are strongly dependent on imports. Despite the fact, that Russian apparel companies are trying to meet the domestic demand, most of Russians buy imported clothes and shoes. The share of imported clothes and shoes ranges from 70 to 78%. Russia’s main exporters include China (80%), Italy and Turkey. As for textile imports, most of the fabrics are imported from China, Turkey and Italy. Russia is now pursuing the policy of import substitution which is implemented in many industrial sectors including the apparel and footwear sectors. It is aimed to reduce Russia’s dependence on imports. The government actively supports local producers providing subsidies and preferences. According to the development strategy 2020-2025 made by the RUSSIAN MINISTRY OF INDUSTRY AND TRADE (http://minpromtorg.gov.ru/), Russia shall increase local production of clothes and footwear to 50% by the end of 2035. Traditionally the textile industry is strongly connected with the clothing industry and fashion designers. But in Russia the situation is totally different: Russian fashion designers are rather isolated from textile producers and weavers. They use imported fabrics and accessories and design limited haute-couture and pret-a-porter collections at their studios. The largest group of Russian apparel companies can be classified as subcontractors. They focus on design, marketing and distribution with production subcontracted to China, Bangladesh or India (see Table 1 below). Fast fashion and restrictions on working capital demand short production lead times, and this group is the one to benefit most. //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// page 4 of 22 FASHION MARKET IN RUSSIA AND SAINT PETERSBURG Table 1. Leading Russian Brands Produced Overseas by Contract Manufactures Company (Brands) Website Production Region Gloria Jeans https://www.gloria-jeans.ru/ Russia, China Melon Fashion Group https://www.melonfashion.ru/ China, India, Bangladesh, (Zarina, BeeFree, Love Republic) Vietnam Sela https://www.sela.ru/ China, Bangladesh (now part of Melon Fashion Group) Concept Club https://www.conceptclub.ru/ China, India, Bangladesh (AcoolA, Concept Club, Infinity Lingerie) InCity https://incity.ru/ China, India, Bangladesh Zolla https://zolla.com/ China, Indonesia, Bangladesh Sportmaster https://www.sportmaster.ru/ China, India, Bangladesh (Columbia, Ostin) Baon https://baon.ru/ Russia, Germany, China Source: Sonar-2050 (https://www.sonar2050.org) Most of the Russian apparel companies produce basics for men and women, children’s clothes, school wear for school children and underwear. They prefer conservative design, basic models and low-cost production. They do not collaborate with high-fashion brands or designers like Swedish retailer H&M. Russia’s raw material base is limited and does not fully supply the fashion industry. Cotton is not harvested in Russia. Russia sources raw cotton mainly from Uzbekistan, Tajikistan and Turkmenistan. Wool, fur and leather are produced in Russia, but the supply of these materials is insufficient. Flax is a very traditional crop for Russia. It can grow in many regions and is environmentally friendly. Russia used to be a global flax leader at the beginning of the 20-th century, but now the flax sector is suffering losses and stagnation. Over the last two decades, the crop area has declined from 418 thousand ha to 55 thousand ha. Russia ranks now third accounting for 16,5% of the global flax harvest. Russia is dependent on flax imports from Belarus. Flax used to be
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