CPM PRESS-DOSSIER 09/16 - SCHNEIDER GROUP · 2017. 4. 25. · Moscow and accompanied supply year...

Reinhard E. Döpfer Managing Partner of ITMM GmbH,

International Textile and Fashion Marketing and Management Consultancy

Fading Impact of the Economic Recession on the Russian Market of Textile Clothing & Accessories

Status of September 2016

CPM PRESS-DOSSIER 09/16

Vita of the author

Reinhard E. Döpfer, a master of Macro-Economics who graduated from the University of Göttingen, Germany, is an expert in international trade of textile and clothing - having set a focus on international export marketing over a period of more than 30 years. At present, he works in several leading positions as Chairman of the European Fashion and Textile Export Council (EFTEC) founded in Brussels as an export promotion organization for the European Industry in 1987, as Managing Partner of ITMM GmbH, International Textile Marketing and Management Consultancy, Stuttgart, and as General Manager of RUSSIAN FASHION RETAIL FORUM (RFRF). In January 2016, he was appointed Senior Advisor and Chief Liaison Officer for the European fashion industry by SCHNEIDER GROUP, a leading business- and tax-advisory consultancy. His expertise on the Russian textile and fashion market goes back to the year 1991 when he organized the first direct sales show of apparel to the Russian public in St. Petersburg, right after the beginning of introduction of market economy in Russia. He was a co-founder of the first specialized fashion trade fair launched by Crocus International in fall 1994 under the title of Moda Moscow and accompanied this exhibition permanently as European coordinator and senior strategy advisor until spring 2003. When Collection Premiere Moscow (CPM) was founded by Igedo as a successor to Moda Moscow in the fall of 2003, Reinhard E. Döpfer took responsibility for market research and strategic development of all consecutive events of this trade show up until the present 27th edition. In the framework of his cooperation with Igedo Company, he published market research studies on the Russian Lingerie & Legwear market, the Russian Men's Wear market, the mid-to-long term development of the Russian Women's Wear, Men's Wear, Lingerie, Hosiery and Active Wear markets. In April 2007 he founded "Task Force Fashion Market Russia", encompassing a group of 30 leading German fashion brands meeting annually to exchange experience on key issues of retail and distribution of fashion in Russia and the CIS Markets. Since July 2009, he is editor–in-chief of the bi-monthly market monitor “The Russian/CIS Fashion Retail Market”, which is published by EFTEC as a marketing support tool for international fashion suppliers keeping a mid- to long-term interest in the Russian market.

1. Recent key macroeconomic indicators for Russia, step by step out of the crisis

2. Clothing retail market value: ups and downs since 2003

3. Impact of the recession on Russian clothing imports from volume sourcing markets: EU-28 and China

3.1. Benchmark of clothing export performance of EU-28 members to Russia: Italy and Germany in the focus, comparison 2009 - 2016p

3.2. Clothing export performance of China to Russia: comparison with EU-28

3.3. Winners and losers among EU-28 clothing suppliers: comparison between year 2015 and crisis year 2009

3.4. Crisis effects on EU-28 export performance by main clothing categories of men’s wear, comparison year 2015 with peak supply year 2013

3.5 Crisis effects on EU-28 export performance by main clothing categories of women’s wear, comparison year 2015 with peak supply year 2013

4. Turnover of the Russian Clothing Market 2013-2015 in RUB & US$

5. Slump of the Russian purchasing power for clothing in 2015

6. Fundamental changes in consumer behavior challenging retailers

7. Decrease of consumer footfall in traditional Russian offline-stores

8. Crisis effects on international and Russian clothing retail chains

9. Key Russian cities attracting investments in shopping malls

10. Market access conditions for imported clothing remain difficult: “grey” imports versus “white” supply chain transactions

© ITMM 2016 PRESS DOSSIER 27th CPM, Moscow, August 31 – September 3, 2016 2

Table of content

3

© ITMM 2016

1. Recent key macroeconomic indicators for the Russian economy: step by step out of the crisis.

Preliminary estimates on real GDP growth in the first quarter of 2016 show a contraction of 1,2 percent, significantly lower than the – 2,8 percent in the first quarter of 2015. Remember, that in the fourth quarter of last year, real GDP growth stood at – 3,8 percent y-o-y. Drivers of growth are production in agriculture and in industrial goods production, mineral extraction, grocery retail trade and demand for services. Retail trade statistics for the first quarter of 2016 indicate a lower contraction in consumption than the – 9,7 percent, registered in the fourth quarter of 2015. Moreover, demand in investment and private loans keeps increasing. The twelve months consumer price index remained unchanged at 7,3 percent in May, for the second consecutive month. Monthly inflation was stable at around 0,4 percent, m.o.m., down from 12,9 percent in mid-January of 2016. A further driver to challenge the recession is responding to stronger demand for investment: The Russian Central Bank lowered its key policy interest rate to 10,5 % on June 10, 2016. On May 24, 2016, Russia’s Government successfully returned to global capital markets since the introduction of economic sanctions in 2014, issuing USD 1.75 Billion In 10 years Eurobonds, bringing a yield of 4,75 percent. The Government plans to further raise USD 3 Billion at international capital markets to help cover a budget deficit caused by low oil prices, despite of the pick-up of oil prices to USD 60 per barrel, as registered in June of this year. Since February, the ruble exchange rate appreciated only marginally albeit the rise of the oil price. According to the projection of the World Bank the oil price will remain at USD 41 per barrel in 2016, and it will reach USD 50 per barrel, in 2017, which is suggested to have a positive impact on the exchange rate of the Russian Ruble. Most of the other main macroeconomic indicators, like the rate of unemployment remained elevated and moved up for the fourth consecutive month, figuring at 5,7 percent in April. After promising improvements in real wage and real disposable income over the first quarter of 2016, this positive movement vanished in April, at a contraction of 7,1 percent. As it became evident over the first six months, Russian fashion retailers realize a more rigid fiscal policy of the Government, resulting from the fact that Russian Customs lost its independence , since this department was integrated into the Federal Ministry of Finance, on January 15, 2016. The ministry introduced a special customs entry monitoring data base which has been designed to follow the entire itinerary o f a fashion product from the manufacturing place to the final point of sale. The system has been invented to detect all kinds of fraud at the ports of customs clearing and to stop corruption.

2. Clothing retail market value: ups and downs since 2003

It goes without saying that the recession in Russia has had a strong negative impact on apparel retail sales in Russia , where traders, distributors and retailers had prospered during several strong growth phases over the past twenty years, until the year 2013, when first signs of market saturation emerged at a point coinciding with the general economic recession, caused by the depreciation of the Ruble exchange rate, due to falling world market oil prices and sanctions imposed on Russia after the Crimea Peninsula acquisition. In 2013, the peak of apparel consumption was reached in Russia, at a projected turnover value of 35 Billion. Two years later, in 2015, the turnover of apparel in Russia is suggested by experts to have slumped to € 25,1 Billion, representing a decline of 28 percent, which Russian clothing retailers never experienced before, since free market economy was introduced in Russia in the early nineties, under the administration of President Boris Jelzin. Details of this development are illustrated on the following chart (CHART # 1).

PRESS DOSSIER 27th CPM, Moscow, August 31 – September 3, 2016

3.0 4.0

37.4 38.2

27.4

29.1

32.0 33.0

35.0 32.6

25.1 26.1

0

5

10

15

20

25

30

35

40

45

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

China Market Entry 2004

Boom Phase

Financial Crisis

Recovery Phase of nominally < 10% p.a.

Market Saturation and Ruble Decline Phase

- 7 %

CPM Take-off 2003

- 23 %

€ 1

.00

0 M

illio

n

Ratchet Effect line

4 © ITMM 2016 PRESS DOSSIER 27th CPM, Moscow, August 31 – September 3, 2016

2. Clothing retail market value: ups and downs since 2003 (CHART #1)

+ 0,4 %

p

5

© ITMM 2016

3. Impact of the recession on Russian clothing imports from volume sourcing markets: EU-28 and China

Significant reduction of import shrinkage of European clothing over Q1 2016 signals reversal of negative trend

Exports of textile clothing (knitwear and woven garments) from the 28 member states of the EU decreased by 9 percent over the first quarter of 2016 against the same period of last year and reached a shipment value of € 547 million. Compared to the reference period of 2015, deliveries of pre-orders for the retail-season Spring/Summer 2015 depreciated at an extremely high rate of 29 percent. According to the EUROPEAN FASHION & TEXTILE EXPORT COUNCIL (EFTEC), monitoring clothing exports to Russia from key supplier nations, since 2003, the reduction of losses by more than two thirds represents the first sign of a reversal of a negative trend under which the majority of European clothing exporters has suffered throughout last year. EFTEC expects a continuation of this trend over the next coming months until the end of this year. This forecast was made at the beginning of August, after intensive talks with international suppliers and their Russian retail customers, who participated in the cpd-Order Week in Düsseldorf at the end of July. The majority of Russian buyers who were interviewed by EFTEC, confirmed the reversal of trend, saying “that the bottom line of lagging consumer demand will be touched during this current summer, and that growth is expected to emerge at rates of some moderate 1- 2 percent, until the end of this year”. As EFTEC further researched, premium clothing brands will benefit first from the reversal of trend.

Quite obviously, the reversal of trend Is driven by strong efforts of Italian clothing exporters attempting to cut their losses. Effectively, Italy made it, to bring their dramatic 30 % losses of clothing sales to Russia down to a minus of just 6 percent, over the first quarter of this year. Very similar results were obtained by France, from where clothing exports to Russia depreciated by 41 percent, at the end of the first quarter of 2015. France also succeeded to cut their losses to 6 percent, likewise the Italians. German clothing exporters were not yet in a position to catch-up with their Italian and French competitors, as losses of sales to Russia faced a dent again at 21 percent over the reference period, which compares to minus 28 percent during the first quarter of 2015. Whereas Spanish vendors of clothing reached growth by 3 percent, other European supplier nations, like the United Kingdom, Austria and Portugal had to withstand losses at 34 percent for each country.

As EFTEC keeps monitoring clothing exports to Russia, differentiated by relevant categories and product groups of men’s wear, women’s wear and intimate apparel, the average value of European men’s wear shipped to Russia over the first quarter of this year, kept decreasing by 18 percent, comparing to minus 25 percent during the first quarter of 2015. Instead, EU- exporters of women’s outerwear were in a position to cut their losses from 29 percent (Q1,2015) down to 11 percent (Q 1, 2016). It is therefore not a surprise for researchers that women’s wear brands, which were visited in Düsseldorf, expressed more confidence in the market recovery than their colleagues from men’s wear.

3.1. Benchmark of clothing export performance from EU-28 members to Russia: Italy and Germany in the focus, comparison 2009-2016p

Details are illustrated on the next following chart (CHART # 2).


2,199 2,242

2,734

3,017

3,185

2,963

2,102 2,184

901 897 1,040

1,144 1,195 1,041

720 766

536 481 571 659

704 633

444 450

0

500

1000

1500

2000

2500

3000

3500

2009 2010 2011 2012 2013 2014 2015 2016

EU-28 Italy Germany

- 29 % + 2 %

+ 22 % + 10 % + 5 % - 7 %

- 29 %

- 31 % - 1 % + 16 % + 10 % + 5 %

- 13 %

- 29 % - 11 % + 19 %

+ 15 % + 7 % - 9 %

p

Mill

ion

€ Ratchet Effect line

2250

- 31 %

- 30 %

3.1 Benchmark of clothing export performance from EU-28 members to Russia: Italy and Germany in the focus, comparison 2009 - 2016p


+ 3,9 %

+ 0,6 %

+ 1,4 %

Comparison of officially registered clothing exports from China and the EU-28 to Russia, in million US $

- 3 %

+ 4 %

+ 53 %

+ 44 %

+ 28 %

+ 9 % - 7 %

- 29 %

+ 3,6 %

- 30 %

- 10 %

7 © ITMM 2016

3.070

2.977

3.800 3.885 4.228

3.932

2.792 2.500 2.400

3.469

4.127 4.308

6.589 6.823

4.777

4.200

0

1000

2000

3000

4000

5000

6000

7000

8000

2009 2010 2011 2012 2013 2014 2015 2016p

EU-28 China


3.2 Clothing export performance of China to Russia: comparison with EU-28

+ 19 %

+ 2,2 %

- 12 %

901

536

83 119

69

189

13 50

720

444

253

143

88 90 74 58 0

100

200

300

400

500

600

700

800

900

1000

Italy Germany Spain Lithuania U.K. France Poland Finland

2009 2015

+205%

-17%

-20%

+20% +28% -52% +469% +16%


3.3 Winners and losers among EU-28 clothing suppliers: comparison between year 2015 and crisis year 2009, in million €

211

129 125

85 79

68

83

48

23 20 8

158

81 71

52 61

34

54

33

16 18 3 0

25

50

75

100

125

150

175

200

225

250

2013 2015

-43%

-38% -27%

-50%

-25%


3.4 Crisis effects on EU-28 export performance by clothing categories of men’s wear, Reference period year 2015 compared to peak supply year 2013, in million €

Mill

ion

Eu

ro

-37%

-35%

-32%

-30% -14% -57%

332

265

204 199 196

135

80 79 78

60

138

203

142 139

88

110

60 45

53 54

0

25

50

75

100

125

150

175

200

225

250

275

300

325

350

2013 2015

-30% -30%

-55%

-19%

-58%


3.5 Crisis effects on EU-28 export performance by clothing categories of women’s wear, Reference period year 2015 compared to peak supply year 2013, in million €

Mill

ion

Eu

ro

-27%

-25% -43% -32% -10%

11 Source: Fashion Consulting Group 2015

VOLUME OF RUSSIAN FASHION MARKET (CLOTHES, SHOES, ACCESSORIES)

(RUBLES AND DOLLARS USA) 2013 – 2015

VOLUME OF RUSSIAN CLOTHING MARKET (RUBLES IN DOLLARS USA)

2013 – 2015

Volume of Russian fashion market (clothes, shoes, accessories) 2013-2015

Year Volume

(bil. rubles) Dynamic in %

(rub) Volume

(bil. dollars) Dynamic in %

($)

2013 2448 3,6% 76,9 1,2%

2014 2497 2,0% 65,8 -14,5%

2015 2472 -1,0% 41,9 -36,3%

Volume of Russian clothing market 2013-2015

Year Volume

(bil. rubles) Dynamic in %

(rub) Volume

(bil. dollars) Dynamic in %

($)

2013 1503 4,2% 47,2 1,8%

2014 1533,1 2,0% 40,4 -14,5%

2015 1517,7 -1,0% 25,7 -36,3%

-36,3%

CAGR 15/14 dollars USA

-1%

CAGR 15/14 rubles

-14,5%


+2%

CAGR 14/13 rubles

2448 2497 2472

0

250

500

750

1000

1250

1500

1750

2000

2250

2500

2750

2013 2014 2015

Volume (bil. rubles)

76.9

65.8

41.9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

2013 2014 2015

Volume (bil. dollars)

1503 1533.1 1517.7

0

150

300

450

600

750

900

1050

1200

1350

1500

1650

2013 2014 2015

Volume (bil. rubles)

47.2

40.4

25.7

0.0

10.0

20.0

30.0

40.0

50.0

2013 2014 2015

Volume (bil. dollars)

-36,3%


-1%

CAGR 15/14 rubles

-14,5%


+2%

CAGR 14/13 rubles


4. Turnover of the Russian Fashion & Clothing Market 2013-2015, in RUB and USD

12 Source: Rosstat, RBC, August 2015

23 million Russians live below the poverty line, which is 16% of the whole population in Russia

The living wage in the first quarter of 2015 has risen by 25,7% compared to the same period of 2014.

2014 2015

7688 руб.

9662 руб.

16% Is the range of everyday products inflation

Low income social groups spend 50% of their budget on food

22-24% The range of food inflation in 2015. This has decrease to app. 5% in early 2016.

Average disposable income decreased at 50% Free assets disposable after covering essential expenses (community bills, food, medication) decreased by 50%. This is the main reason why fashion stores sales dropped - clothes and footwear are not goods of first priority anymore!..

«Confused and cautious model of purchasing behavior» People plan their purchases in advance and choose to seek “their own” stores and “their own” products in order to minimize expenses. They also wait for sales periods.

Every 6th Russian lives below the poverty line


5. Slump of the Russian purchasing power in 2015


Apparel purchase statistics in 2008 – 2010

Key product groups for consumers in crisis:

All-seasons apparel – 29% of purchase

Winter outerwear – 25%

Autumn outerwear – 14%

Summer clothes – 12%

Office clothes – 11%

Sports clothes – 8%

Overall economic trend is being closely watched, e.g. the embargo on food imports from Turkey

Purchase planning in advance

Accurate price comparison (looking for the same model at competitors)

More active use of internet to collect information about the planned purchase

Careful study of price tags and fiber content

Purchase during sales periods

Active reaction to different sales promotions and bonuses

CONSUMER BEHAVIOR IN CRISIS CONSUMER PREFERENCES IN CRISIS

Premium segment consumers try to stick to their brand package. Medium income and budget customers are ready to seek for alternative variants of brands, less known trade marks that offer the same product for a lower price. Quality of materials and stitching quality remains an asset for clothing.

Average spending on clothes has decreased in all categories by rates between 20 to 50%. At the moment consumer confidence index continues its fall against prices growth, wages decrease and staff reduction in many companies.


6. Fundamental changes in consumer behavior challenging retailers (1)


MIDDLE PLUS SEGMENT CONSUMERS WILL:

MIDDLE AND LOW INCOME CONSUMERS WILL:

seek to buy fewer items but stick to the quality, especially in such categories as footwear and leather accessories;

seek to stick to the same brands package in their wardrobe;

be more thoughtful for actions, discounts and sales; plan purchases in advance;

buy Russian designer clothes of original design and good quality, preferably of limited lines;

be more active on online purchases;

shop in Russia something they shopped abroad before (up to 30-50%)

buy fewer items;

look for cheaper clothes, wait for discounts and sales;

easily give up on brands they used to buy before;

buy clothes manufactured in Russia but only at low prices

AFFLUENT AND RICH CONSUMERS WILL:

not change their purchasing behavior on premium and luxury brands

travel less abroad for buying

become more selective and turn to accessories

avoid purchasing brands offered at discount outlets


6. Fundamental changes in consumer behavior challenging retailers (2)


From August 2014, the number of customers in big shopping centers decreased by 3% to 16%. Total decrease of Shopping Index over 2 years accounted for footfall losses of 28%. In 2016, the decrease of customer flow in shopping centers will continue.

Decrease will continue as long as income is decreasing, prices are growing, and, accordingly, expenses are increasing. So it will be not the time for spontaneous purchases of clothes, shoes, accessories and etc.

DECREASE OF GROWTH RATE OF CONSUMER PURCHASES FROM ONLINE RETAIL

From 2010 – 2013, the number of online customers grew more than 50% per year. In 2014, the number of online customers grew by 35%. Despite the decrease of growth rate of new online customers, the growth in absolute figures continues. The conversion index is increasing. On average through large online-stores the growth of conversion over 12 months of 2014 was +11%, in 2015 - +8%, and it is expected to stabilize over 2016.


7. Decrease of consumer footfall in traditional offline retail

16 Source: Fashion Consulting Group 2015 PRESS DOSSIER 26th CPM, Moscow, February 23-26, 2016

DEVELOPMENT DYNAMICS OF INTERNATIONAL CHAINS

2011 - JUNE 2015 (NUMBER OF STORES)

From 2011 until June 2015, all international brands had positive development dynamics on the Russian clothing market.

H&M is the leader in maximum absolute growth of stores (+55 stores within 4,5 years)

8. Crisis effects on international and Russian clothing retail chains (1)

Large international clothing chains benefit from crisis effects through:

Risen availability of vacant store locations in shopping centers and better allocation opportunities

Lease rates kept falling and were charged in Rubles instead of USD, as before the crisis

Shopping malls conduct their own event and sales promotion programs to attract consumers

17 Source: Fashion Consulting Group 2015 PRESS DOSSIER 26th CPM, Moscow, February 23-26, 2016

From 2011 until June 2015, most of Russian brands had positive development dynamics on the Russian clothing market.

However, by the end of June 2015, such brands as Savage, Sela, Oodji and vis-à-vis operate fewer stores than in 2011.

DEVELOPMENT DYNAMICS OF RUSSIAN CHAINS

2011 - JUNE 2015 (NUMBER OF STORES)

8. Crisis effects on international and Russian clothing retail chains (2)

Moscow, Saint Petersburg and Yekaterinburg consume over 50% of the whole apparel market: • Moscow – 27% • Saint Petersburg – 13% • Yekaterinburg – 9% of the market

High potential (over 1 000 000 population)

Medium potential (over 500 000 population)

Developing cities (over 300 000 population)

Moscow and Saint-Petersburg – still the prime focus of retail activity and are highly saturated and competitive.

Another 11 “secondary” cities with population of 1 -1.5 million have been the first point of entry for retailers expanding beyond Moscow and St Petersburg.

18 Source: Fashion Consulting Group / JLL 2015 PRESS DOSSIER 26th CPM, Moscow, February 23-26, 2016

RATING CITY SHOPPING AREA PER

1000 INHABITANTS (SQM)

1 Krasnodar 734

2 Samara 562

3 Tyumen 438

4 Orenburg 428

5 Yakaterinburg 410

6 Moscow 382

7 Saint Petersburg 374

8 Yaroslavl 369

9 Nizhnyi Novgorod 367

10 Rostov-on-Don 338

9. Key Russian cities attracting shopping center investments for retail expansion

Market entry in Russia has become more difficult over the past five years due to:

Mandatory registration of economically active companies and legal entities at the Register of the Attorney General of Russia, due until December 31, 2009.

WTO Access of Russia after DUMA-ratification in August 2012.

Foundation of the Eurasian Customs Union (EAC) between Russia, Belarus and Kazakhstan after July 2011. Armenia joined EAC in January 2015, followed by Kyrgyzstan in July 2015.

Consolidation of Consumer Safety Rules and Regulations in one unified “Technical Regulation” replacing the former GOST-R Certification by the EAC Conformity Declaration and Hygiene Certification, Baby- and Childrenswear Safety Certification and physical EAC Product Labeling, enforced for clothing products on July 1, 2014.

Market players affected by such legislative changes are:

Foreign suppliers, smaller and medium size European brands (SMEs) in particular which used to sell directly to retail clients in the EAC-area on the occasion of order placements at fashion trade fairs.

Fashion agencies and import distributors operating their showrooms as “Representative Offices” but not as registered OOO (LLC, SrL, GmbH)

Customers residing in the three member-states of the Customs Union which do not provide the legal status of a registered OOO and which are not accredited at the Attorney General’s Company Register (most of the privately owned multi-brand shops and boutiques, so called IP’s, are not registered and are exempt from paying V.A.T.)

19 © ITMM 2016 PRESS DOSSIER 26th CPM, Moscow, February 23-26, 2016

10. Market access conditions for imported clothing remain difficult (1)

The new legislative environment together with the fall of the Ruble, political sanctions and strongly risen competition from vertically chained and online-retail forces every foreign supplier to think twice about their past, present and future contractual relationship with their customers in Russia, Belarus and Kazakhstan. For instance, orders written on order-forms of the supplier brand are not legally binding purchasing contracts, according to Russian legislation.

Important market players like TRIUMPH INTERNATIONAL, HENNES & MAURITZ, CALZEDONIA/ INTIMISSIMI, all INDITEX brands such as online or distance retailers like OTTO GROUP, KupiVIP, lamoda.ru and others operate own OOOs, purchasing from foreign headquarters in Rubles and selling to customers or points of sale in Rubles, all complying with the rules & regulations applied by the Eurasian Customs Union, including marking or labeling garments with the official EAC-symbol together with the registration number.

To challenge the competitive advantage of the big mono-brand players, foreign individual medium-to-smaller clothing brands should be aware about the following alternatives:

Either to convince their agents/distributors to found a legal OOO entity and to act as contractual partner responsible for prior conformity declaration/ certification, compliance-oriented shipping, insurance, electronically pre-registered customs clearing and import tax payments, furnishing individual retailers on the basis of pre-payments and full balance payments prior to delivery in Rubles and to convert Rubles in € or US $ for bank transfer to the supplier.

Or, to take initiative to establish their own OOO in Russia, or to contract to an accredited chartered accountant/law firm with the objective to host foundation and day-to-day administrative work including accounting of an own OOO.

Or to cooperate with a „technical importer“ providing a legally accredited OOO status, acting as a mediator of all transactions necessary to supply apparel to the final retailer for payment in Rubles. In addition to authorize the „technical importer“ to apply to the Competent Authority to obtain EAC Conformity Declarations and Hygiene Certificates, if applicable, and to take care of the necessary sampling procedure accompanying the application process.

20 © ITMM 2016 PRESS DOSSIER 26th CPM, Moscow, February 23-26, 2016

10. Market access conditions for imported clothing remain difficult (2)

CPM PRESS-DOSSIER 09/16 - SCHNEIDER GROUP · 2017. 4. 25. · Moscow and accompanied supply year...

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