CEBU, Philippines - While the United States is still recuperating from the global economic disaster, a local fashion accessory exporter is now eyeing the Russian market to fuel the growth of the fashion accessory industry.
The 33 Point 3 Export, Inc. the maker of fashion accessory items for famous US and European signature brands like Liz Claiborne, Marks and Spencer, Cookie Lee, international catalogue company Fire Mountain, among others, is now exploring the potential of local fashion accessory items in the Russian market.
Maribelle F. Cruz, proprietress of 33 Point 3 Export, Inc. said that while the orders from the US market have been steady despite the global recession in the last two years, volume of orders however was observed to have shrunk a little bit.
Surprisingly, she said the Russian market has showed strong interest for Cebu-made fashion accessory, because of its intricate and high-end design, with preference of wood and shell made items.
“Russian lady consumers for fashion accessories are very trendy, and they like our designs. Most of them like the wood-made bangles, trendy necklaces and earrings,” Cruz said.
While some export products like furniture still have to feel the full rebound of market interest, the fashion accessory exports have been on steady performance, regardless of the financial crisis.
While her company is still exploring to get significant market-trust from the huge Russian market, Cruz said the fashion accessory manufacturing exports of her company is still depending largely on the US market.
“We hope we could really gain the trust from the Russian market,” she said adding that Russian ladies does not really mind on the products’ cost, but more strict when it comes to quality and exceptional design.
Aside from Russian, the fashion accessory export is also gaining popularity among Japanese market, as well as Middle East, and other countries in Europe.
Cruz said her company is also manufacturing fashion accessory items for big international buyers, making them the original-product-manufacturer (OPM).
Unlike in the past, wherein the Philippines is the number one maker of shell-made fashion accessories, Cruz said now China is also starting to do the same. She said the fashion accessory export is also battling the hard competition posed by the Chinese manufacturers.
In 2005, Philippine exports to Russia increased by 96 percent reaching $36.34 million from $18.58 million in 2004.
Earlier, Honorary Consul Armi Lopez Garcia, who heads the Russian Federation Consular office in Cebu, she said that exporters especially in fashion accessory, home furnishing and furniture, and food could look forward to enter a wider consumer-base in Russia.