Brands that chose to stay in Russia
Despite the war between Russia and Ukraine, many Italian fashion brands that decided to stay in that market are obtaining important results.
With the "patience strategy", Italian companies are taking advantage of the closure of stores of leading luxury brands, which chose to interrupt commercial relations with Moscow.
This situation has left a free space in the market, which the Italians are taking advantage of, boosted by the strengthening of the value of the ruble against the euro.
One of the Italian brands that remains in Russia and continues to grow is GEOX of footwear, which projected a growth of 21% in 2022, compared to 2021, and 49% compared to 2019. GEOX products are distributed in Russia through 80 single-brand stores and 350 multi-brands. Pre-orders for fall-winter 2023/2024 saw a 15% increase over last year.