With the economy in free fall and the hryvnia worth just over half of its value to the dollar compared to last year, devastation has hit the Ukraine luxury goods market. The country saw a three phase boom in luxury goods market up until the crisis. First of all, the fall of communism saw the beginning of a Ukraine luxury goods market, however much of this made up of fake bags, watches and alcohol. Then second phase is widely thought to have begun around 2003 when the economy started to mature from the chaos of early days of capitalism. Luxury goods brands began to establish themselves and set up distribution networks in the country. Now the ultra wealthy of Ukraine did not have to leave to the country to shop for Gucci bags and Rolex watches. - See more at: http://www.neweuropeinvestor.com/news/ukraine-luxury-goods-market/#sthash.gaFAe6cV.dpuf
CITATION STYLE
Staff. (2014). Ukraine Luxury Goods Market in Decline. Retrieved from http://www.neweuropeinvestor.com/news/ukraine-luxury-goods-market/
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