Luxury brands eyeing foreign markets have their focus set on the up and coming Chinese market at the moment as we have discussed several times previously here at The MO Down. It’s interesting to see that Prada has its eye on the Russian market. Another emerging market that was very strong five to six years ago yet has gone off the 'priority' list for brand expansion over the recent global economic crisis. Prada rented retail space in key locations this week, analysts are suggesting they are going to invest quite a bit establishing the brand here. The grand opening of the first Russian Prada boutique is rumoured to be planned for autumn 2011, in Moscow’s luxury shopping precinct at the intersection of Bolshaya Dmittovka and Stoleshnikov Pereylok. Try saying that after a few glasses of vodka!Prada has been available in Russia since 2002, managed by retailer Mercury. However, with the increasing popularity of luxury brands, the market is becoming more and more competitive and names like Prada are having to develop their identities in the local context in order to stand out and remain competitive. Particularly given the exorbitant cost of renting retail space in prestigious areas in Moscow, brands have to assert themselves as one of the big guns in order to succeed. It seems that Prada are keen to own their image in Russia, and will soon be able to provide luxury shoppers with a shopping experience that is uniquely Prada. It’s certain that opening their own boutiques is a step in the right direction to bringing the popularity of the brand in Russia up to par with other parts of Europe.
Image credit: http://rt.com
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