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CNN Live At Daybreak

Moscow Weighs in on Fashion Front

Aired February 04, 2002 - 06:16   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: What if you are ready to go on a big shopping spree, what cities come to mind? New York maybe, Paris, Milan. Well, how about Moscow?

As CNN's Matthew Chance reports, Moscow may be fast becoming the fashion capital of the world.

(BEGIN VIDEOTAPE)

MATTHEW CHANCE, CNN CORRESPONDENT (voice-over): Monuments to Russian consumerism, boutiques have long replaced the image of Soviet dawdiness (ph). Since the collapse of Communism, the halls of the state's department store have been in revolution. Now, more brand- name fashion is sold here than in Paris, New York or Milan, and it's not just Russia's super rich with money to spend.

"We target people of higher than moderate means, people with plenty of money. But if someone can't buy an entire costume, a coat or some clothes because it is too expensive, they buy perfume or an accessory of some famous fashion house, like sunglasses or an umbrella."

CHANCE: Cashing in on the boom, new boutiques are being built across the city. Owners say individual customers can spend tens of thousands of dollars on a single shopping spree. Russians for whom price is no object buy here whatever the weather.

(on camera): I am braving the elements here to show you a place called Tretyakovsky Proyezd. It's one of the shortest, most expensive streets in Moscow. Just take a look at these designer boutiques, some of the most exclusive names in international fashion are represented here. You can almost be forgiven of thinking you are in Paris or even Milan, if it weren't for this pouring snowstorm we are caught in right now. But the fact is there are much bigger differences between these Russian stores and their counterparts elsewhere that go well beyond mere temperature.

(voice-over): Inside, this fashion aficionado told me success, even of the most exclusive boutiques, depends not on the number of rich Russians, but on the instinct of ordinary people to spend, even if they have to borrow from friends and family to do it.

CONSTANTIN ANDRICOPOULOS, BOSCO DI CILIEGI: In the Russian culture, there is not this tradition to save. People do not save in order to invest for the future. And culturally life is today. You have to live your life today. Who knows what tomorrow is going to be made of? Who knows what the money you save is going to become?

CHANCE: It is short sighted perhaps, an attitude rooted in post- Soviet uncertainty. But at least many Russians are looking better for it.

Matthew Chance, CNN, Moscow.

(END VIDEOTAPE)

COSTELLO: And I must say, Matthew Chance looked awfully good in that hat.

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