Sunday, December 2, 2007

Supreme Luxury: Moscow '07

I have just recently read about The International Herald Tribune's ( seventh annual luxury business conference in Moscow Nov. 28/29, 2007. Russia is the fourth largest luxury goods market in the world and boasts on having 53 billionaires. This exciting economy breads consumers hungry for luxury brands as I have previously blogged on. Here is short summary of an article by Liz Alderman.

In Russian luxury market, companies strategize to reach the rich consumer
Russia's rapidly developing market, where huge oil wealth has already helped spawn 53 billionaires, requires manufacturers to address cultural sensitivities.

MOSCOW: With the ranks of millionaires and billionaires skyrocketing across major emerging markets, luxury goods companies are pursuing aggressive strategies to capture consumers who are seeking to display their newly minted wealth like badges of honor.
But tapping into the staggering growth in high-net-worth individuals requires a nuanced approach from market to market, industry executives at a luxury conference organized by the International Herald Tribune said Thursday. The pitch should cater to cultural sensitivities while cutting through the red tape that might raise hurdles to expansion, they said.

No comments: