07 March 2004 16:17
RUSSIA: ARBAT PRESTIGE TO SPEND $500 MILLION ON EXPANSION
Arbat Prestige, Russia's biggest cosmetics chain, will invest $500 million in the next two years to expand its
network, company president Vladimir Nekrasov said this week. Arbat Prestige, which says it is the world's
fourth-biggest specialized cosmetics chain by turnover, owns 14 stores in Moscow, or over 50 percent of the local
market. Turnover last year was $205 million. It struck a franchise agreement with the world's biggest cosmetics
chain, France's Marionnaud, at the end of last year. Nekrasov said Russia's $5 billion perfumery and cosmetics
market is growing by 20 percent per year, but he said he believed the figure was larger because official figures do not
take into account sales in street markets. - (EMEconomy.com)
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