MOSCOW — The news from Russia hasn’t gotten any better.
Until last year a key potential growth engine for luxury brands, the market has imploded as rapidly as the price of the oil that fueled the country’s wealth. In Moscow, an Alexander McQueen and a Stella McCartney boutique, both of which are franchises run by the same Russian firm, are to close less than 18 months after opening as a result of the crisis, while department stores report plummeting sales. And the prospects for Russian brands, many of which previously had international expansion in their plans, are less certain.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)