Global cosmetics producers are considering revising their development strategies in the Russian cosmetics market due to the recent drop in sales in the region and poor future prospects. The ongoing military conflict in Ukraine and sanctions imposed on Russia have already resulted in the decline of purchasing power of local consumers. According to predictions by the Russian Ministry of Industry and Trade, the 2014 market will decline by 5%-7%, compared to 2013, up to about RUB500bn (US$14.2bn).
Cheaper cosmetics in Russia unveils potential
Global cosmetics producers are considering revising their development strategies in the Russian cosmetics market due to the recent drop in sales in the region
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