“Russia Illuminated” An International Business Plan for

Semeur d’Etoiles in Russia

Presented by

Simone Martin, Brittney McDonald,

Ekaterina Radyuk & Rodney Trapp

June 11, 2014

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“Russia Illuminated”

An International Business Plan for Semeur d’Etoiles in Russia

Section I: Executive Summary

This document examines the French decorative lighting company,

Semeur d‟Etoiles and offers a potential entry strategy for the company to

internationalize into the Russian market. The report provides an overview of

Semeur d‟Etoiles‟ business activities and the company‟s current market

position in its home country. With significant success in France, the

company seeks to expand into international markets, Russia being one of

these markets. An analysis of the Russian market potential and its

competitive landscape shows that even though there are a several

competitors present, Russia currently has a large market for luxury products,

which means there could be potential for Semeur d‟Etoiles to obtain a portion

of this market with its luxury and unique light fixtures. This report provides

a detailed internationalization

plan for the company to enter into

the Russian market by using a

direct exporting strategy with a

B2B approach and partnering

with local Russian companies that

are currently expanding

throughout Russia. A list of these

companies is provided, along with Russian design and decorative trade shows

occurring in the coming year. The internationalization plan recommends

that the company attend these trade shows to gain more knowledge of the

Russian luxury market and help develop a network within Russia. The plan

also outlines ideas to develop or strengthen the company‟s social media

networks, along with recommendations for translation services to aid in

“With significant success in

France, the company seeks to

expand into international

markets, Russia being one of

these markets.”

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company website modification, and translations of catalogs and instruction

manuals. Lastly, the internalization plan includes a detailed financial

strategy that displays the costs that the company should expect to incur

when expanding into Russia.

Section II: Company and Product Description

A. Company Description

The Semeur d‟Etoiles Company, established by Ludovic Clement,

designs and manufactures decorative luminaires (light fixtures). Located on

the outskirts of Paris in Viroflay, France, the company develops unique and

creative luminaire designs for both residential and commercial purposes.

Semeur d‟Etoiles‟ main clients include interior decorators employed by

private homeowners, hotels, restaurants, shops, and spas (Semeur d‟Etoiles

website, accessed 18, May 2014).

B. Product Description

Semeur d‟Etoiles focuses on the development of LED luminaire

designs; the company has a diverse product line that includes: starlight

ceiling/wall, lustre lune

(moonlights) as shown below,

lustre corail (coral chandelier),

anemones lighting, and

ceiling/wall crystal lighting. The

company creates “mood lighting”

by the combination of direct and

indirect lighting, color

temperatures, angels, etc. The

company relies on “eco-design” methods in the development and shipment of

their products, meaning that recyclable materials are used in the

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Packaging of Product (In-house by Semeur d'Etoiles)

Sales (Client receives product and is responsible for installation)

Distribution of Product (Company uses Ex-Works and Frieght Forward methods;

customer pays shipping expenses)

Production (Outsourced to network of suppliers)

R&D (Client consulting on design-done by Semeur d'Etoiles' designer)

manufacturing process, and reduced packaging and efficient transportation

methods are used in the shipment process (Semeur d‟Etoiles website,

accessed 18, May 2014).

C. Business Model

Semeur d‟Etoiles creates unique luminaire designs targeting a niche

market of high-end interior decorators. The company customizes its

luminary creations for these clients and contacts its network of suppliers to

manufacture the product; the product is then packaged and shipped to the

client for installation. Semeur d‟Etoiles‟ value chain is illustrated in the

figure below to provide a more detailed view on the company‟s routine

business functions.

Figure 1.1: Value Chain

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Artemide

• Based in Milan, Italy

• International private company; products distributed in 83 different countries

• Lamps are considered "Design Icons of contemporary design"

• Has 1 showroom office in Paris, and 5 exclusive distributors throughout France

• Sales turnover of over 100 million euros

DesignHeure

• Located in Sète, France

• Clients include: restaurants, hotels, theaters, and residential properties

• Products advertised in several French magazines

D. Market Position in France

France is well known as a trendsetter in style; especially regarding

French antique furniture and art objects, which still remain as some of the

most expensive design items sold in auction houses around the world. More

recently however, France has also emerged as a contemporary trendsetter,

fueled by the shift in French consumer taste and French style coupled with

significant coordinated government efforts to make France one of the

European centers of creative talent (British European Design Group blog,

2014).

Semeur d‟Etoiles is certainly riding the wave of this contemporary

trend. The company targets a niche market of high-end interior decorators in

France. On average, they work on ten projects a year, which allows the

company to focus on the development of their client relationships and consult

each client on the luminaire design that will best fit the needs of their

particular project.

For future benchmarking and comparative analysis, we have identified

Artemide and Designheure as two competitor companies well established in

the French market (Artemide 2014, Italian Trade Agency 2014, Designheure

2014). These competitors can be referenced for future benchmarking and

comparative analysis.

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Product

• High-End (luxury) • LED Eco-Friendly Lighting • Creative and Unique Designs

• Variety of Designs • Designed to Fit Clients' Needs

Price

• 10,000-15,000 • High Quality Product

• Price Appropriate for Market

Place (Distribution)

• Direct Sales • Designed in House

• Outsourced Manufacturing • Packaged and Shipped to client

Promotion

• Website • Catalog • Displays

• Trade Shows/Fairs • Word-of-Mouth Marketing Amongst

Clients

Semeur d'Etoiles

E. Marketing Strategy in France

Semeur d‟Etoiles marketing strategy in France currently consists of

the company marketing its products as high quality niche lighting products.

As previously mentioned, they target interior decorators of hotels,

restaurants, and shops through marketing efforts by the utilization of their

existing networks, catalogs, displays, and website. The figure below gives an

overview of the company and its products and how they currently market

these products in France.

Figure 1.2:

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Section III: Foreign Market Industry, Customer, and Competitor

Analysis

A. Competitive Landscape of Russia

In order to successfully enter the Russian market, it is important for

Semeur d‟Etoiles to identify its competitors, along with their strength and

weaknesses. As, Semeur d‟Etoiles‟ light fixtures are considered unique and

luxurious; we have analyzed the Russian luxury market to determine whom

the company‟s main competitors will be. It is necessary for the company to

understand these competitors and the market before it plans to enter Russia.

Currently, there are numerous competitors in this market, some are

locally based and some are foreign-based. In order to gain more intelligence

about the potential high end Russian customer and the products he or she

purchases and consumes, we recommend Internet research as well as visiting

trade fares as a method of networking. We have provided a short list of the

few most popular and relevant trade fares in the luxury industry:

• Design&Decor St. Petersburg - 2014

September 12-14, 2014

• Stylish Home. Objects & Tableware. Autumn 2014

Moscow, 15-18 September 2014

• Homi Russia 2014

Moscow, 15-18 October 2014

• I Saloni Worldwide Moscow 2014

Moscow, 15-18 October 2014

• Premium Club Moscow

Moscow, 16-18 October 2014

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• InterioRoom 2014

Samara, 23-26 October 2014

• Interior Saloon 2014

Moscow, 23-26 November

All of these trade fairs will provide Semeur d‟Etoiles with information

on the Russian market and also serve as a possible networking tool.

However, we recommend focusing only on a few of the most popular and

relevant ones, for example, I Saloni WorldWide. In 2013, this trade fair

hosted 557 exhibitors (494 Italian and 63 from Belgium, France, Germany,

Holland and Spain) who showcased the finest home and office furnishing

concepts to a large audience, consisting of 42,818 trade operators and 402

members of the media. Every year the most promising interior designers visit

this tradeshow from Russia, and former Soviet Union Republics. The second

tradeshow that we would recommend is Design & Décor in Saint

Petersburg. This show focuses on interior designers and is famous for being a

good platform for finding new clients and distributors. According to last

year‟s statistics 78% of exhibitors evaluated their participation as useful and

resulted in increasing sales, along with 85% of visitors positively rating the

trade shows quality (Design Décor Website, accessed 18 May 2014).

According to the web search that we have conducted, there are a

number of competitors in the Russian market; most of them are also foreign-

based companies. A comprehensive list of the luxury lighting bands present

on the Russian market can be found here:

http://www.luce.lamfadel.com/shop/allbrands/ (Luce Website, accessed 18

May 2014).

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Main Competitors Present on the Russian Market:

Company Name Website Description

Voltolina http://www.voltolina.com/ Italian, working with glass

showrooms in Venice, New

York, Casablanca and Dubai.

Melangronoblu http://www.melogranoblu.c

om/

Italy, Venice

Different kind of designer

lighting, including chandeliers.

With agents in every region

De Majo http://www.demajoillumina

zione.com/

Italy

Designs made of Murano glass

Team of export managers

worldwide.

Leucos http://www.leucos.com/ Italy

Accomplished designer projects

for many establishments

(restaurants, bars, hotels)

Agent in many countries.

La Murrina http://www.lamurrina.com/ Italy/USA

Producing designer lighting

fixtures, using the technique of

blown glass.

Linea Light http://www.linealight.com/ Italy

Representatives in many

European countries

Accomplished a number of

significant projects (museums,

public institutions, hotels).

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G. Moscatell www.gmoscatelli.it Italy

Specialized on lighting projects

for hotels.

Pataviumart http://www.pataviumart.it/ Italy

Designer lighting, including

chandeliers.

Already a number of successful

projects in Russia for hotels

and restaurants.

B. Recommended Market Position in Russia for Semeur d’Etoiles

Considering the fact that the Russian luxury market is very large,

with significant competition and a number of cultural barriers existing, we

recommend that Semeur d‟Etoiles position itself as a creator of highly artistic

niche products. The company should emphasize that it is a boutique French

firm that produces a very limited number of luminary creations a year for its

exclusive clientele. We propose to use a “Story-telling tactic” to sell these

lighting fixtures. Captivate the customer with the story of how a trained

engineer decided to follow his artistic passions and create a lighting design

firm nestled in Paris, one of the most romantic cities in the world and the city

of Versailles, home of the magnificent Château de Versailles.

Semeur d‟Etoiles should keep in mind that Russian consumers,

especially in the luxury market are “status-seeking,” therefore, to sell a

luxury good a company should provide the customer with a feeling of

uniqueness and belonging to the world of luxury. Semeur d‟Etoiles should

emphasize the preciousness of the materials used and the company‟s

exclusive collection.

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C. Market Potential: Customer Profile and Market Size

Eventually, Semeur d‟Etoiles should seek to attract high-end

consumers who can afford and are willing to pay between €10,000 - €15,000

for a designer product. Museums, exhibitions, and designer boutiques are

potential customers as well. Our market entry strategy, which will be

described in more detail later, focuses on a business-to-business (B2B)

approach. Pursuing a contract from reputable and established Russian

businesses such hotels, restaurants, nightclubs etc. This has been a very

successful approach for Semeur d‟Etoiles thus far and we believe it to be the

right approach for the Russian market.

A 2011 study by Bain & Company suggests that the luxury world

market is predicted to grow by 8% to 124 billion euro (Bain & Company,

World Luxury Market, Accessed 18 May 2014). According to Reuters (2011),

the global share of the Russian luxury market is 3%. However, due to the

weakness of the European economy, which affects the Russian market as

well, the growth in 2014 will more than likely diminish, however it is still a

big market and is worth considering.

Today, the concentration of millionaires in Moscow is considerably

higher than, for example, in Paris. As portrayed by magazines such as Forbes

and Fortune, businessmen from Russia and their companies take high

rankings among the list of the richest people and the most successful

corporations of the world. Russia is one of the four biggest countries for

luxury goods, with its 140 million inhabitants; Russia has on average 300,000

millionaires or multimillionaires. This population has a purchasing power of

almost USD$3 billion dollars (Euro 2.2Billion). According to the latest

research, about 80% of the luxury shopping in Russia is made in Moscow;

therefore we feel that this city should be Semeur d‟Etoiles‟ primary market,

we will discuss this in more detail in the strategy section of the report.

However, there are also other promising clusters of wealthy communities

outside of Moscow, and these areas should also be considered in future

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development plans. These areas of potential include St. Petersburg,

Yekaterinburg, and Sochi. (Bain & Company, World Luxury Market,

Accessed 18 May 2014). In addition to the vast potential of the Russian

luxury market; Russia will also be hosting major sporting events in the

coming years (Football World Cup 2018, Hockey World Championship 2016),

which could lead to increased spending that will more than likely boost the

consumption of luxury goods in design.

Section IV: Foreign Country Entry Mode & Marketing Strategy

A. Recommended Entry Mode and its Relation to Home Country

Operations

Taking into consideration the present stage of the business cycle that

Semeur d‟Etoiles is in, its personnel and resources, the best option in terms of

mode of entry will be direct exporting, classifying its products as

merchandise exports of physical goods.

Given that the company‟s number of projects are small, direct

exporting will allow the company to exercise better control over costs related

to distribution as it is able to benefit from economies of scale by maintaining

its production at home in France. This mode will not be as resource intensive

taking into consideration the present number of employees in the company.

Other benefits to direct exporting include:

i. Good information feedback from target market; going directly to

market will allow Semeur d‟Etoiles first hand contact with the new

market. It will be able to receive information as to clients aesthetic,

taste and other aspects of information that will allow for better

customization and overall satisfaction with the quality of goods

produced.

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ii. Better protection of trademarks, patents, goodwill, and other

intangible property; as Semeur d‟Etoiles will be maintaining its

production at home, it will be able to protect its intellectual property,

such as designs, patents etc. instead of sharing this information and

skill set with personnel in Russia. This will eliminate any risk

attached to intellectual property theft or misuse.

Looking at the composition of sales performed by Semeur d‟Etoiles over

the past two years, 60% have been to companies, restaurants, and hotels with

the remaining 40% represented by individual sales and special event projects.

At the initial stage of entry we recommend maintaining this approach to keep

entry costs to a minimum as the company enters into Russia.

However, it should be noted that there are some disadvantages that may be

encountered pursuing this mode of entry. These include:

i. Greater information requirements; given that there is no intermediary,

Semeur d‟Etoiles will need to ascertain for themselves all the relevant

information and conduct research that will be necessary to identify a

suitable client base.

ii. Longer time-to-market as opposed to indirect exporting; as a direct

result of the need to conduct thorough market research, until this

exhaustive process is complete, Semeur d‟Etoiles will be delayed in

going to market until it is satisfied that a comprehensive assessment of

the market has been concluded.

Through this direct exporting entry strategy, we recommend that

Semeur d‟Etoiles pursues a B2B approach with local Russian hotels, real

estate, and retail companies that are successfully expanding throughout the

country. Ensuring a contract with one of these companies will be „a foot in

the door‟ strategy for Semeur d‟Etoiles.

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B. Recommended Marketing Strategy for the Foreign Country

Positioning & Product:

Russia is noted as one of the strongest markets for luxury goods before

the global financial crisis, this sector has been one of Russia‟s most developed

sectors with the presence of the majority of international luxury brands

present in that country. This „not made here‟ approach appeals to Russians,

especially items made in France – the home of haute couture and designer

brand labels. Positioning the esteem that comes with having a „made in

France‟ label would be key to guaranteeing success of Semeur d‟Etoiles

entry into Russia. These customized, handmade lighting design

creations can be positioned as works of art from the European capital

of art and culture.

Analyzing the present activity in the Russian market, we have short-

listed the following luxury retailer groups for consideration for the B2B

approach. Each of these companies is presently looking to expand their

footprint within Russia either through the construction of high-end retail

outlets to areas outside of Moscow and St. Petersburg, or by having increased

store presence in luxury hotels in Sochi, Yekaterinburg and Rostov. In order

of preference they are as follows:

1. Bosco Ciliegi: Group of companies founded in 1991 in Moscow, Russia.

Includes more than 100 mono-brand stores offering apparel, perfumery, beauty

salons, jewelry, restaurants, bars, and a dental clinic.

2. Mercury Group: One of Russia‟s largest retail and real estate conglomerates,

founded by Leonid Fridlyand and Leonid Strunin, two of the most influential

Russian figures within the global fashion business.

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To further justify taking this B2B approach, our research indicates

that French retailer Galleries Lafayette also plans to expand into Russia and

is currently prospecting for real estate and considering luxury goods retailer

Mercury Group as a local partner (“French Department Store,” The Moscow

Times, Accessed 20 May 2014). With this information, we would like to

recommend that Semeur d‟Etoiles approach Galleries Lafayette‟s main

competitor, Bosco Ciliegi, for the lighting contract for some of the new retail

outlets they will be building as a direct competitive play to Galleries

Lafeyette‟s impending move to Russia (To out French the French if you will).

This will give both Semeur d‟Etoiles and Bosco Ciliegi a first to market

advantage as we firmly believe that, given Bosco‟s legacy of bringing the idea

of luxury stores to post Communist Russia, they will have the best

appreciation for creating a Parisian atmosphere in their new stores in the

designated outlying regions especially with an imminent change to the

competitive landscape.

Over the next five years, Bosco plans to focus on adding stores in four

cities outside the capital -- St. Petersburg, Sochi, Yekaterinburg, and

Samara. With such a long-term growth plan, successfully securing a contract

of any sort will provide Semeur d‟Etoiles with recurring revenue and a strong

visible presence in Russia‟s luxury market.

Communication:

Given that Semeur d‟Etoiles does minimum marketing, we would like

to recommend that the company begin utilizing social media to help gain

3. JamilCo: One of the Russian leaders in the field of distribution and

marketing of high-quality clothing and accessories from leading

manufacturers. It manages more than 140 stores in Moscow, St. Petersburg,

Yekaterinburg, and Rostov-on-Don.

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visibility and momentum for its products and begin growing its network

organically through existing contacts of family, friends, past clients and

influencers within Ludovic‟s Ecole Centrale Alumni network, all of whom

may have a few relevant Russian connections.

Even though, creating a LinkedIn account is FREE, we suggest

registering for an executive level profile for the cost of Eur 59.99 per month.

With this profile type, Semeur d‟Etoiles will be able to access a number of

benefits. These include access to the complete profiles of potential customers

and contacts, the ability to directly mail contacts, and receive introductions to

inside sources companies that may be potential customers (LinkedIn Small

Business website, accessed 20 May 2014).

Secondly, creating a YouTube channel would be another relatively

inexpensive way to create a virtual showroom that can be used to display the

works of Semeur d‟Etoiles both those from past projects as well as a virtual

catalog of options that potential customers can choose from. This will be an

expense of Euro X-X, as the services of a photographer and videographer will

need to be retained to create the material as well as update it occasionally to

keep the site current.

Thirdly, creating a Facebook account will help create an opportunity to

meet with and contact high-end restaurants and bars that may be potential

clients as well as to feature any relevant articles, interviews, awards or

upcoming events. This would require staff time, but could be a perfect

assignment for an intern.

Soliciting translation services is the next step with respect to

conducting business in Russia. The company would need to have all of its

communication translated from French to Russian from this moment on as it

would guarantee that the company is able to start creating much needed first

points of contact. Relatively inexpensive translation services can be attained

through contacting language schools where native Russian students or

instructors can be found. We can also assist Semeur d‟Etoiles in contacting

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Russian students at Novancia Business School. The second, more costly

option would be official translation agencies in France; it is possible to receive

a list from the Ministry of Foreign Affairs.

We would then recommend joining La Chambre de Commerce et

d'Industrie Franco-Russe (CCIFR) at a cost of Euro500 for yearly

membership. CCIFR is an independent lobbying body that represents and

promotes the economic interests of its Franco-Russian member companies. It

provides a variety of business supports and services to its members and can

help the company gain access to information in Russia. The company can

request a list of members or contact information for the interior designers

that are responsible for or affiliated with the luxury retailers recommended

in the previous section (CCIFR website, accessed 18 May 2014).

We would also recommend that Semeur d‟Etoiles create a portfolio and

request a referral or recommendation from its current and most prestigious

company, restaurant, and hotel clients. This will allow Semeur d‟Etoiles to

leverage its client base to speak on its behalf about the caliber of its products

and the high quality craftsmanship provided. This portfolio would then be

mailed and distributed to the short list of interior designers that were

identified by the Chamber of Commerce.

Distribution & Pricing:

Paris to Russia is approximately 6,217 km, this is roughly 5-hours on a

commercial flight and about one –two days via rail/driving. In order to

manage costs, it is our recommendation to allow the customer to assume the

responsibility of all shipping and transportation costs attached in getting the

goods from Paris to Russia. Retaining the use of your present freight

forwarder will be a useful resource.

All packaging, labeling and manuals will also need to be translated

into Russian and affixed onto your products. Utilizing the same translation

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services as recommended in the previous section will help with this as it is

regulated by Russian import law.

We recommend that issues of pricing will need to be considered on a

case-by-case basis depending on the outcome of negotiations with the client.

However, to remain competitive during the preliminary stages of entry into

Russia, we would recommend that upon its initial pricing submission to a

potential client, the price of the product should be kept the same as those in

Paris to ensure the business remains competitive. Once the operation is up

and running, then a flexible pricing model can be considered to guarantee

recurring business.

C. Recommendations for Overcoming Legal and Logistical Barriers

The Russian legal system is plagued with bureaucracy, not very

transparent, somewhat volatile and unpredictable. For a new entrant into the

market we would recommend agreeing INCOTERMS that place the

responsibility to the buyer (International Chamber of Commerce website,

accessed 18 May 2014).

We would recommend establishing either of the following INCOTERMS:

EXW – Ex Works (named place of delivery)

The seller makes the goods available at its premises. This term places

the maximum obligation on the buyer and minimum obligations on the

seller.

EXW means that a seller has the goods ready for collection at his

premises (works, factory, warehouse, plant) on the date agreed upon.

The buyer pays all transportation costs and also bears the risks for

bringing the goods to their final destination. The seller doesn't load the

goods on collecting vehicles and doesn't clear them for export. If the

seller does load the good, he does so at buyer's risk and cost.

If parties wish seller to be responsible for the loading of the goods on

departure and to bear the risk and all costs of such loading, this must

be made clear by adding explicit wording to this effect in the contract

of sale.

FCA – Free Carrier (named place of delivery)

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The seller hands over the goods, cleared for export, into the disposal of

the first carrier (named by the buyer) at the named place.

The seller pays for carriage to the named point of delivery, and risk

passes when the goods are handed over to the first carrier.

D. Recommendations for Overcoming Cultural Barriers

Social and cultural understanding is of paramount importance to

guarantee success in the Russian market. To get a better understanding and

appreciation of the way business is conducted we would like to recommend

consulting online sites, blogs, and social networks that are specifically

catered to expats in Russian. It will give first hand accounts of what to

expect. Some websites that we feel are worth exploring include:

http://expat.ru/s_russian_mind.php

http://www.meetup.com/La-langue-russe-a-Paris-pour-5-euros/

While not every personal experience will be the same, these first hand

accounts may detail candid experiences of dealing with Russians and provide

both some useful insights and coping strategies of what can be expected in

conduction business. In addition to this, soliciting the services of a translator

will be one major requirement for entry into the Russian market. Initially

these costs can be outsourced on an as-needed basis, however, as the business

develops this cost will need to be factored in as an operational cost either as a

part time or full time employee. If time permits, having a present employee

enroll in a Russian for business language class would be another budget

friendly option worth considering.

V. Financial Strategy

Having a proper financial strategy is a crucial part of planning

international business activities. Semeur d‟Etoiles must be sure to earmark

sufficient funds to carry out its initial investigations and make the financial

commitment to implement this internationalization plan. There are two

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components to this financial strategy: the startup costs and a three-year

financial projection.

A. Costs the Firm will Incur upon Implementation of Plan

For a detailed list of the startup costs, please see Appendix A.

B. Financial Projections – Revenues and Costs for the First Three

Years of Operation

For a detailed 3-year financial projection, please see Appendix B.

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References:

Albertini F., Auffray, J., & Aziz, Y. (2011, March 1). Entry strategy for SMEs

in the Russian market - Focus on challenges, entry modes and network

relations. Retrieved from

http://lnu.divaportal.org/smash/get/diva2:427703/FULLTEXT01.pdf Accessed

on 8, May 2014.

Artemide Website (2014) http://www.artemide.com/home/index.action.

Accessed on 18, May 2014

Italian Trade Agency http://www.italtrade.com/spotlight/8887.htm. Accessed

on 9, June 2014.

British European Design Group blog (2014). http://www.bedg.org/news-

article/items/development-of-the-french-market.html. Accessed on 18, May

2014

Company Website (2014): http://semeurdetoiles.fr/newsite/index.php.

Accessed 18, May 2014.

Designheure Website (2014) http://en.designheure.com/. Accessed in 18, May

2014.

"Global Luxury" (2011), Reuters

Osterwalder, A & Pigneur, Y. (2010) Business Model Generation, John Wiley

& Sons, Inc.

“World luxury market to grow" (2011), Bain & Company.

http://www.bain.com/about/press/bain-news/2011/world-luxurymarket-to-

grow-8-study.aspx. Accessed 18 May 2014.

Design and Décor http://designdecor-expo.primexpo.ru/en/dd. Accessed 18,

May 2014.

Luce Website http://www.luce.lamfadel.com/shop/allbrands/. Accessed 18,

May 2014.

“French Department Store Galeries Lafayette Eyes Russia‟s Luxury Goods

Market.” The Moscow Times. Accessed 20, May 2014

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http://smallbusiness.linkedin.com/small-business-

marketing.html?trk=biz_ads_landingpage/&utm_source=ads&utm_medium=

site&utm_content=&utm_campaign=adsonsite

CCIFR Website. http://www.ccifr.ru. Accessed 18, May 2014

International Chamber of Commerce http://www.ccifr.ru. Accessed 18, May

2014.

LinkedIn Small Business http://smallbusiness.linkedin.com/small-business-

marketing.html?trk=biz_ads_landingpage/&utm_source=ads&utm_medium=

site&utm_content=&utm_campaign=adsonsite. Accessed 20, May 2014.

Appendix A:

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Appendix B:

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