Russia's super-rich splash out at luxury fair
Published 26 October, 2007, 18:27
A rich selection of exclusive merchandise and high-end investment opportunities are on offer for Russia's elite at the fifth annual Extravaganza luxury exhibition, which has opened at Moscow's Manezhnaya centre.
Running alongside the exhibition is the CEO Summit and Wealth Management Forum.
This brings together corporate decision makers, investors and high earners from all over Russia. And despite the hefty price tag on most of the goods on offer, rich Russians are spending like never before.
This year’s Extravaganza exhibition is the place to splash out on real estate, cars, yachts, jewellery and antiques.
Ivanna Chevlikova from Law Firm Limited said the event was pitched specifically at Russian-speaking high rollers.
“They come from Russia, Ukraine, Kazakhstan and perhaps all former Soviet Union countries. There is huge interest in the UK, as always.” she said.
The jewel of the exhibition is luxury real estate.
A wide variety of international developers are offering rich Russians an extensive and ostentatious range of options when it comes to living out their dreams.
Dubai Lifestyle City's Saed Mashuk said the Russian market for luxury living is among the most lucrative in the world.
“The economy is doing very well and people are looking for investments abroad,” he said.
European luxury goods retailers are also cultivating business in Russia, as the resource-rich regions spawn a new class of wealthy and willing customers.
The leader in luxury goods consumption remains the U.S., but Russians are catching up.
Analysts predict the Russian luxury goods market will be worth more than $US 9 billion next year.
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