Russia's Mercury Group Sees Slowing Sales

by Deidre Woollard (RSS feed)
Oct 18th 2008 at 2:55AM

Could the Russian luxury market actually be slowing down? The managing director of Mercury, the country's biggest luxury goods group has said that sales have fallen at the popular TsUM shopping center. While most wealthy people are continuing to buy, there has been a slight slowdown and a possibility that the global gloom has finally seeped through to Russia. Mercury's stores sell many of the world's top luxury brands, everything from Gucci to Maserati cars and Chopard jewelry through the TsUM department store and other luxury shops. Overall, Mercury is still bullish on Russian spending. After all, the company did just pick up auction house Phillips de Pury in order to bring more contemporary art auctions to Moscow.

Tags: luxury, mercury, moscow, russia, tsum

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Jack Oct 18th 2008 3:48AM

All the world soffer this crisis, but I think people want to spend their money better. Luxury goods are not just cars, watches, jewelry, but also houses finished and furnished with style and taste. Increasingly, I see houses that seem to stores of material luxury, not "bespoken".
Unfortunately, even in the luxury market is entering the growing parallel market of fake and the "low cost" and that is deleterious to all major suppliers and customers