Key points of the following article:
- Russia had become one of top-5 largest luxury markets after the rising of prices on oil, a leading economy for the country, in the 2010s.
- The Russian Federation has undergone numerous political sanctions concerning the import and export of goods in the country.
- Today’s Russian currency, the rouble, is comparatively low to other currencies. (83,24 Roubles equal 1 pound sterling if we look at today’s rates).
- Thanks to the rise of the young/millennial demographic in the federation, the intern streetwear market is growing.
- New local streetwear brands take inspiration from global trends and sell them at a convenient price; they have difficulties expanding to a worldwide level because of the import/export regulations and instead, they are starting to open selling points/shipping to countries that have been a part of the Soviet Union (like Belarus and Ukraine).
I would like to display the economic impact on the fashion/textile market in the Russian Federation because they are obviously correlated. In order to produce garments, companies need a multitude of fabrics, the domestic production of fabrics in Russia is quite small after 1991 when USSR collapsed. As a solution, Russian designers need to look for extern sources, but unfortunately, it is too high of a cost for smaller firms because of the lack of free trade agreement between Russia and the European Union.
Spencer, K. (2019). Russian fashion follows inward turn of politics. [online] Vogue Business. Available at: https://www.voguebusiness.com/companies/russia-domestic-fashion-brands-streetwear [Accessed 21 Feb. 2020].
Hypebeast (2020). Russian streetwear Error 404. [image] Available at: https://hypebeast.com/2016/12/fucking-young-error404-2016-fall-winter-editorial [Accessed 21 Feb. 2020].
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