Cortefiel to hit 200 shops in Russia in 2016
The Spanish fashion group is set to treble its retail network and reach double-digit growth in turnover.
Cortefiel is pushing ahead with its aim of obtaining 50% of its turnover in the global market in the next two years. This summer it announced its intention to open more than 80 shops in the USA over the next five years. Now, it is continuing its ambitious international growth plan with another batch of PoS in Russia, where it plans to reach 200 shops by 2016.
Russia is currently its third largest market in sales terms and one of the focal points of the group’s growth strategy, together with China and Mexico. “We are expecting double-digit growth in 2014”, explained Juan Carlos Escribano, Chief Executive at Cortefiel Group. Online sales in Russia began in September 2014.
Since March, Cortefiel Group has been running its 67 shops in Russia – previously under franchise – directly, 31 of which are Springfield and 36 Women’secret. The strategic plan contemplates 50 new brand-owned shops in Moscow and St Petersburg, plus openings in the rest of the country under different management formulae, trebling current figures.
Cortefiel Group was founded in Madrid in 1880 and has a sales network of 1,900 shops in 70 countries, with four chains: Cortefiel, Pedro del Hierro, Springfield and Women’secret.
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