‘A number of luxury brands are expected to leave the local market in the near future. In most cases, this has to do with the companies failing to invest cleverly or to assess the brand’s potential adequately prior to the market launch. Besides, there’s the problem of receivables and the loan pressure. To make matters worse, not a single Russian group is interested in buying a luxury project and developing it at the moment, since the local luxury market cannot appeal to the major players right now,’ says Anna Kochneva of Vindex Group (the representative of Givenchy, Gianfranco Ferre, Baldinini, Emanuel Ungaro, Emilio Pucci, and Isaia).

‘It turned out that no one can foresee the success or the failure of a new project. Not a single financial analyst has been able to predict the crisis. Brands with a thirty-, forty-, fifty-, and one-hundred-year history are coming on the market, and even their famous names fail to secure financial success,’ she adds.