Seven new international brands enter Russia's retail market in Q1

MOSCOW. April 5 (Interfax) - Seven new international brands opened their first stores in Russia in January-March 2024, the press service of consulting company Nikoliers said.

"Based on the results of the first quarter, the Russian retail market added 7 new international brands. New brands have appeared in the clothing and footwear, household goods, household appliances and electronics, and perfumery and cosmetics categories the release says.

Specifically, BAASPLOA and Ellassay (China), JOSINY (South Korea), Chakra (Turkey), 22/11 cosmetics (Armenia) and Rinascimento (Italy) stores have opened in Moscow, while TECNO (China) opened a store in Kaliningrad.

At least ten additional retailers have announced they are entering the market this year. Among them are 8 Seconds (South Korea), Home Box (UAE), Brands (UAE), Deha (Italy), Big Chefs (Turkey) , Panier des Sens (France), Semir (China), Balabala (China), Laplandia (Finland) and Lifework (South Korea). They represent the clothing and footwear, household goods, restaurants, cosmetics and perfumes, products for children and grocery categories.

Meanwhile, at the end of the first quarter, Sony, LG, Bosch, and Hunkemoller closed their mono-brand stores.

Nikoliers said that last year. the Russian market welcomed 27 new foreign brands, mainly from Turkey, Lebanon and Belarus, while eight retailers ceased operations. The publication said that Russia remains an interesting market for foreign brands, but the share of domestic brands will increase over the next few years.