One of Russia’s largest shoe retailers has confirmed positive momentum in the domestic footwear market, with a 2% rise in revenue to $72 million and a near-40% rise in profit for the first half of the year.
Obuv Rossii operates five footwear retail networks, the biggest of which is Westfalika, which sells leather and sheepskin shoes and operates 300 stores.
Anton Titov, CEO of Obuv Rossii Group, said: “Our improved financial performance also reflects the stabilisation of the footwear market; as the economy recovers, shoppers are returning to make shoe purchases they had previously deferred.”
He also commented that customers who during the crisis had shifted to buying low-price shoes are now returning to the mid-price segment as the economic situation improves.
“Our growth is a natural result of, even in a volatile market, investing in development, introducing new products and services and enhancing our operational efficiency,” said Mr Titov.
Obuv Rossii operates more than 500 shops in 140 cities