Russia welcomes Spanish fashion into its market following its WTO membership
In a significant move, the World Trade Organization (WTO) has approved Russia's accession, paving the way for reduced tariffs and fewer barriers in the world's sixth-largest economy. This development has caught the attention of Spanish fashion companies, who see Russia as a promising market for growth.
One such company, Mango, already has a significant presence in Russia and considers it a priority market. Mango plans to open 68 stores in Russia this year through franchises, following the footsteps of Inditex, another Spanish fashion giant. Inditex, known for its popular brand Zara, currently operates a network of 246 points of sale in Russia, with Zara leading the list with 54 stores.
Inditex had ambitious plans for Russia, aiming to open over 500 stores in the country by 2021, making Russia its second-largest market after Spain. At that time, Inditex had more than 9,000 employees in Russia.
Other Spanish fashion brands have also shown interest in the Russian market. Cortefiel, a Spanish fashion distribution group, entered the Russian market in 2002 and currently focuses its growth on international markets through partners. The Russian market is one of the countries with the greatest development potential in the world, along with Brazil, India, and China, for Mango.
Cortefiel is not alone in its expansion efforts. The Russian market is home to 42 Stradivarius stores, 41 Pull & Bear stores, 40 Bershka stores, 34 Oysho stores, 18 Massimo Dutti stores, 12 Zara Home stores, and 5 Uterquè stores. Another Spanish distribution brand, Desigual, aims to make annual sales depend only 50% on Spain through internationalization, with Russia being a key focus.
The interest in the Russian market extends beyond ready-to-wear fashion. Spanish bridal fashion company Pronovias sees significant potential and possible important growth in the coming years. Pronovias plans to double its sales in three years by opening 250 establishments, especially in international markets like Russia.
Spain's fashion companies have not overlooked Russia's growing interest in Spanish products. From January to September this year, Russia purchased €228.8 million worth of Spanish products, representing an 18.1% increase compared to the previous year. This growth in sales is also reflected in the overall increase in Spanish fashion exports, which generally increased by 12.2% during the same period.
Russia, with its vast potential for growth, continues to attract the attention of Spanish fashion companies. As these companies establish a stronger presence in the Russian market, it is expected that we will see continued growth in sales and partnerships between the two countries.
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