|Follow us on:|
The new store is due to open early next year.
The jeweller already has a store in the capital’s main Tverskaya Street, where sales have been handled through a third-party.
It is set to become Tiffany’s first wholly-owned retail business in Russia.
“Obviously we see a big opportunity in Russia so we are delighted to be opening in this new location,” Tiffany’s spokesman Mark Aaron said.
“We’re investing the money, we’re building the store. Certainly it’s a stepped-up commitment,” Aaron added.
Tiffany promises to now bring to Russia “the latest design and warmth that really embodies the Tiffany values” and “an extended product line of the Tiffany brand” which has never been offered in Russia before, said Laurent Cathala, Tiffany’s vice president of emerging markets.
The new store will also have a staff of employees called “Tiffany Ambassadors”, a job description the firm says fits “because they are truly part of the Tiffany brand, and we were never able to deliver this customer experience in Russia before because we were not operating the store ourselves,” he added.
Prada, Ralph Lauren, Chanel and Cartier all opened single-brand stores in Moscow last year.
After China, Russia is the second sought-after market for luxury brands.