The fashion market in Russia will survive the ongoing financial crisis, according to the head of Russian Fashion Week (RFW). But Aleksandr Shumsky predicts that the trend for buying houses abroad will end as cash dries up.

“The Russian fashion market is not as developed as to be threatened by mergers. Most Russian fashion houses work on the principle of VIP client salons and these customers are highly likely to stay. That's why the crisis in fashion here is not as evident as abroad,” Aleksandr Shumsky said.

Shumsky added that even if clients “have lost their factories and yachts, VIP customers will not deny themselves the pleasure of buying beautiful items by talented Russian designers.”

Shumsky was speaking to the RIA Novosti news agency as the Russian Fashion Week got into full swing in Moscow.

For the few days the Russian capital will remain the Mecca of style. Many famous Russian and Western designers are in the capital to present their collections.

Eastern Europe's biggest fashion event kicks off in Moscow