German banker explains why “Russians love luxury” and can afford it
Italian fashion firms that do not comply with anti-Russian sanctions have discovered a “crazy” market in Russia.
Former Sberbank managing director Oliver Kempkens stated this in an interview with blogger Flavio von Witzleben, reports a PolitNavigator correspondent.
"There are a lot of Italians there. And a lot of the big name brands like Gucci that have gone are now being replaced by smaller Italian brands. I think the Italians have found a crazy market in fashion right now," Kempkens said.
He explained why people in Russia buy more fashionable clothes than in other countries.
"Russians love luxury because 96% of Russians own apartments, meaning almost no one pays rent. So even people with low salaries have higher purchasing power. Utility bills are low there," Kempkens said.
A German banker explained why "Russians love luxury" and can afford it.