Spanish fashion retailer Grupo Cortefiel has announced plans to continue its international expansion with a new program, under which it would set up 200 new stores in Russia by 2016. The fashion retailer has already 67 stores of two of its brands Springfield and Women’s Secret in the country.
According to a statement issued by the fashion retail group, Russia is one of the growing markets in the world for the firm, along with China and Mexico, and is the third in revenue, after Spain and Portugal. The Cortefiel group plans to take advantage of this growing market.
Juan Carlos Escribano, CEO of Grupo Cortefiel, said Russia is a key market for the firm and will continue to remain so, according to the sales data of the company.
The group expects the growth in sales to be in double digits by 2014, and further increase interest of brands available under the group in the Russian market, which has huge potential, he added.
Since March 2013, the group has maintained its presence in the country with direct management of 67 stores, 31 of its Springfield brand and 32 of Women’s Secret.
Mr. Escribano said the strategic plan is to open 50 new stores in St Petersburg and Moscow, as well as more number of stores in the rest of the country.
The importance of Russian tourism in Spain, with more than one million Russian tourists every year visiting the country, has contributed towards the visibility of the brands, he added.
The company, founded in Madrid in 1880, has a sales network of 1,900 stores, and is present in 70 countries through its four brands: Cortefiel, Pedro del Hierro, Springfield, and Women's Secret.