RUSSIA. International brands seem to be considering the Russian market a primary target at the moment. Moscow sales for Gucci, Dolce & Gabbana and Fendi all rank near the top worldwide for the three upscale chains, according to Mercury, a Russian company operating boutiques in Moscow.
This week another of Russia’s top luxury goods retailers, Bosco di Ciliegi, said it had bought 50.25% of the famous GUM department store on Red Square from financial giant Alfa Group for an undisclosed sum. Bosco di Ciliegi holds exclusive licences in Russia for Max Mara, Kenzo, Etro and other brands. The company operates 35 high-end stores across the country, including a row of boutiques in the GUM store, the country’s largest at 26,257sq m (282,525sq ft).
Bosco di Ciliegi said in a statement that 19.02% of GUM together with other regional stores was acquired by Bosco subsidiary GUMproject. The remainder of the stake was purchased by Bosco’s undisclosed foreign partners.
“We consider GUM a landmark retail project in our country and one of the world’s top landmarks,” Bosco di Ciliegi said.
