Victoria's Secret to open 4 stores in Moscow in 2011

One of the world's largest retailers, Victoria's Secret, will open its first Russian store in Moscow on September 30, Vedomosti business daily quoted a source in its parent company as saying on Wednesday. A franchise to develop Victoria's Secret in Russia was obtained by Moneks Trading, which already operates Next, The Body Shop, Claire's, MúAúC, Mothercare and American Eagle brands. Moneks declined to comment. A Moneks source said the second Victoria's Secret store would open in Moscow in October, the third in November and the fourth in December. Lingerie sales in Russia are rising 10-12 percent annual, compared to a 2-3 percent growth in Europe and 3.5 percent in the U.S., Vedomosti quoted Darya Yadernaya, senior analyst from fashion business consultancy Esper Group, as saying. "At an average price of 15 euros per product, the sales growth rate may reach 25-30 percent per year for the most successful players in the market.