Luxury brands have expanded sales in Kazakhstan after leaving or downsizing operations in Russia, Kommersant reported, citing Artur Gafarov, head of Russia’s Institute for the Development of Entrepreneurship and Economics.
Gafarov pointed to Richemont, the Swiss holding company that owns Cartier, Montblanc and other brands, as an example. Since 2023, Richemont’s Russian division has focused on wholesale jewelry shipments to Kazakhstan. By 2024, revenue had risen 19% to 986.6 million rubles, equivalent to approximately $10 million.
Kazakhstan accounted for 96% of the Russian unit’s total revenue in 2024.
Tiffany & Co. took a similar approach, shifting its...