Financial Times
The jewelry and luxury sales market in Russia has struggled to stay afloat in recent years as 45% of Russian consumers make their luxury purchases abroad, BCG’s Ivan Kotov tells the Financial Times. He explains that the pandemic has battered domestic retail markets, with sales dropping 50% to 70% in the past year. However, Kotov notes that Russia’s luxury market has been gradually recovering since the reopening of stores in June, a sign of optimism that the industry can overcome this crisis.
