Russia welcomes 16 new foreign brands in 2023

MOSCOW:  Since the beginning of the year, 16 new foreign brands of consumer goods have entered the Russian market, a record figure since 201...

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MOSCOW:  Since the beginning of the year, 16 new foreign brands of consumer goods have entered the Russian market, a record figure since 2019, NF Group (formerly Knight Frank) reported on Thursday.

In 2019, 26 new foreign retail players entered Russia, and then the number of new international companies in the country decreased every year, with 13 companies in 2020, 15 - in 2021, and only 11 in 2022.

The majority of new foreign companies on the Russian market this year are Turkish brands of clothing, footwear and household products. According to NF Group, in 2023 nine such companies joined the Russian market in the "average" and "above average" price categories. Another three companies came from Belarus. An Australian sportswear retailer, as well as companies from Kyrgyzstan, South Korea, and Estonia have also entered the Russian market.

Since 2022, the geographical origin of foreign companies entering the Russian market has changed dramatically. Previously, it was primarily retail chains from Europe and the United States that began working in the country. 

-News Feed