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.
