MOSCOW (Reuters) - French luxury goods maker Hermes HRMS.PA will reopen one of its two Moscow shops on Thursday after tripling its selling space in a gesture of long-term confidence in the market.
Hermes first opened the shop in Russia’s landmark GUM shopping center on the Red Square in December 2007.
The original store occupied around 250 square meters but after expansion and relocation within GUM, the shop’s selling space has risen to 740 square meters and it now offers clothing, accessories, watches and jewelry, perfumes, and home collections on three levels.
The store, now the company’s second-biggest in Europe, will open at a time when Russia’s economy has experienced a sharp downturn.
The company’s chief executive officer Axel Dumas said the investment was taken for the long-term.
Nicolas Vlieghe, Hermes Russia Managing Director, told Reuters the company’s Russian sales were rising without providing details.
Hermes took direct control of its Russian stores in 2011 from a local retail partner, having opened two stores in the capital city of Moscow in 2000 and 2007.
Reporting by Maria Kiselyova; Editing by Elaine Hardcastle