Happy days are coming for Moscow’s fashion-addicts as Italian fashion house Prada will open representative office and two stores in the Russian capital by fall 2011. Prada group has already rented retail space in key locations.
Prada has rented the locations from Crocus Group, owned by billionaire Aras Agalorov. The larger store, at more than 18,298 square feet of retail space, will be on the intersection of Bolshaya Dmitrovka Street and Stoleshnikov Pereulok. Rental rates on Stoleshnikov Pereulok, the most expensive and most prestigious location for luxury retailing in Moscow, are typically reaching $2,000 to $4,000 per square meter per year. The franchise restaurant Nobu, which is located in the same building, will continue to work here and will be even expanded through additional space on the rooftop.
Prada Group’s Miu Miu brand will open a store in Crocus City Mall. The brand rented 6,460 square feet for it.
Previously the brand been developed in Russia by retail developer Mercury, controlled by Leonid Freedlyand & Leonid Strunin.
However in the first half of next year Mercury will represent Prada’s brands. Recently, Mercury presented Prada collections for Spring/Summer 2011.
Following the increasing demand for luxury foreign labels in Moscow and regions, fashion companies are seeking to make an independent entrance onto the Russian market.
Chanel, Christian Dior and Swatch Group are already operating directly in Russia, which has become one of the key markets globally.