(Filed Under Financial and General Interest News). According to a report by Global Apparel Markets, the Russian apparel retail market is set for 3 to 5 percent growth in 2011 and 6 percent during 2012-2013.
While women’s apparel has the largest share of the market, men’s and children’s apparel is predicted to grow at double-digit rates through 2013, while activewear for men and women is expected to grow at a rate of 16 to 19 percent per year through 2017, and leading apparel retailers are growing and expanding in the market. Leading sportswear company Adidas announced an increase in Russian retail locations during 2012 to 2015, and companies including Gap, H&M, Inditex and Next have recently opened stores in the country.
As a response to the growing market, the Russian government formed the Strategy for Development of Light Industry, which was formally approved last year. The strategy is an initiative with the intent to modernize apparel production facilities, improve the quality of domestic manufacturing and move toward a level of 50 percent of apparel produced in-country by the year 2020. Russia is also expected to join the World Trade Organization before the end of 2011, further enabling international brands to expand into the market.
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