Word: grankina
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Dates: during 2000-2009
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...this means fashion lovers are cutting back on spending. "Right now we are seeing signs of de-premiumization - meaning that shoppers are trading down for cheaper items," says Victoria Grankina, a retail analyst at leading Russian investment bank Troika Dialog. "Overall, the luxury market really struggled in December and January, since the consumer was feeling quite under the weather. In March, we have been seeing some signs of stabilization, but we are not sure this is a trend. No one can predict when this will end." (See pictures of Paris couture...
...huge markups on luxury brands sold in their country. Top fashion labels can sell for up to 1,000% of what they would in the U.S. or Western Europe. But factor in inflation and the devaluation of the ruble, and the price is too high for many, says Grankina. "There is a layer of wealthy people who are willing to pay up, but when the ruble falls against other currencies, sellers pass that on to consumers at a time of inflation, so things become much more expensive...
...designers have pulled out of the fashion show this year because of a huge deficit in corporate sponsorships. "The smaller designers are feeling it the worst. It's logical, because their production level is much less, so they can't benefit from economies of scale," says Troika Dialog's Grankina. (See pictures of the Russian Czars' fashions...
...consumer class and bringing signs of prosperity to the long-suffering hinterland. Although the distribution of wealth is far from egalitarian--the rich are getting a lot richer, corruption is endemic, and millions continue to struggle--the good life is in reach for more Russians than ever before. Victoria Grankina, a Moscow-based retail expert, estimates that 30% of the population lives "fairly comfortably" on monthly incomes averaging $1,000 for a family of four. The number of mobile phones has soared from 12 for every 100 Russians in 2002 to 88 today. Sales of new foreign cars jumped...
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