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Article: Russia rising--a growing market for luxury: with an explosion of high-end boutiques and demand for luxury products, Russia is the latest hot market for the style, beauty, and exclusivity of top-end designer jewelry.(Emerging Markets: Russia)
- Article from:
- JQ
- Article date:
- September 1, 2008
- Author:
CopyrightCOPYRIGHT 2008 M2Media360. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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"Moscow is prosperous and glamorous--the city of the future," says CK Cheung of Wallace Chan International Ltd., who is doing well with marketing his jewelry in the rapidly growing Russian luxury market. Fueled by rising oil prices and ten years of economic growth, the demand for luxury goods in Russia continues to increase. Nowhere is that more evident than in the jewelry sector, which will expand to an estimated $4 billion in 2008. The market has grown an estimated 20 to 30 percent annually, and shows no signs of slowing. Russia is also home to the world's second highest number of billionaires (measured in U.S. dollars), according to Forbes magazine, in addition to the ...