Azeri tycoon`s firm affected by global crunch
The Moscow-based Crocus Group, owned by Azerbaijani
multi-millionaire Araz Aghalarov, has acknowledged having been
affected by the global financial crisis.
The company`s Baku-born commercial director, Emin Agalarov, the son of Araz Aghalarov, has told Reuters that the Russian giant, which owns a palm tree-lined shopping centre selling diamonds, as well as limousines and some 100 luxury boutiques in Russia and Azerbaijan, is feeling the pinch from the economic crisis.
"In Moscow we have started to experience the slowdown and I must say it is substantial," he said in an e-mail. "Overall, my expectations are very pessimistic so I will not scare anyone with the figures but, trust me, in the first half of 2009 we (retailers) will all suffer."
The company`s Baku-born commercial director, Emin Agalarov, the son of Araz Aghalarov, has told Reuters that the Russian giant, which owns a palm tree-lined shopping centre selling diamonds, as well as limousines and some 100 luxury boutiques in Russia and Azerbaijan, is feeling the pinch from the economic crisis.
"In Moscow we have started to experience the slowdown and I must say it is substantial," he said in an e-mail. "Overall, my expectations are very pessimistic so I will not scare anyone with the figures but, trust me, in the first half of 2009 we (retailers) will all suffer."
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