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03/13/2009 05:12 am ET | Updated May 25, 2011

Russian Recession: Designer Labels Close Shop In Moscow As Russians Curb Spending

Russian shoppers seemed to have an insatiable appetite for designer brands and luxury goods, despite paying a huge markup on imports. But the honeymoon may be over.

Empty shops and signs announcing going-out-of-business sales are littering prestigious downtown shopping districts as price-conscious customers turn their backs on designer labels like Stella McCartney, Alexander McQueen, Kookai, Diesel and Manolo Blahnik.

Read more on Moscowtimes.ru

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