Following a jump in condom demand, Russia's largest drugstore chain witnessed a 36.6 per cent increase in revenue. The cost of condoms has also risen by 32% over the previous year.
Digital Desk: Russia's military operation in Ukraine has spurred Western countries to impose economic sanctions on the country. Because of the sanctions, there has been a significant surge in condom demand in Russia, and condom prices have soared amid worries of condom scarcity. The reason for this awful predicament is that British condom manufacturer Reckitt, Durex, has not ceased its operations in Russia. According to Wildberry, Russia's largest online store, condom sales increased 170 per cent year on year in the first two weeks of March. Following a jump in condom demand, Russia's largest drugstore chain witnessed a 36.6 per cent increase in revenue. The cost of condoms has also risen by 32% over the previous year. Supermarket sales have surged by 30% as a result of this circumstance. According to RBC, the buying price of pharmacy condoms jumped by 32% over the previous year, while supermarket sales grew by 30%. "Even if we have to raise our rates, people are investing in the future," said Yesenia Shamonina, co-owner of Preservative Sex Shop. He also stated that, depending on the brand, customer spending has increased by up to 50%. The Russian ruble's depreciation versus major Western currencies has caused retailers to hike their prices. This was attributed to a drop in trust in Vladimir Putin's economy following the commencement of the Ukrainian incursion. According to an industry source, because latex originates from places where limitations are not enforced, they should purchase it in Western currency, which is now more expensive. The supply of condoms was so limited that Putin's Ministry of Industry and Trade was obliged to deny that there would be long-term issues. Also Read: Six-year-old boy reaches police station in Andhra Pradesh to express his displeasure about traffic jam Officials emphasised that a scarcity of this commodity was not anticipated. The largest producers – Thailand, India, South Korea and China – have not stopped distributing products to the Russian Federation." Traditionally, Russia imports 600 million condoms each year and produces 100 million. The racket employs about 1,300 people in Russia and generates £400 million annually in this market. "As the situation improves, we will continue to perform due diligence and provide feedback to always take care of our employees," the company said in a statement. By outlawing condoms manufactured in Western markets, sexologist Yevgeny Kalgavchuk pushed Russians to use "good" condoms from "Allied" instead of condoms sold in Western markets. According to trade analyst Pavel Spichkov, foreign corporations control 95 percent of the Russian condom industry. "The English corporation Reckitt, which makes Durex, Contex, Hussar, and other products, owns more than 60% of the company," he explained. Despite previous Western firms' Russian walkouts, they did not anticipate the racket to move to Java. "There is no anticipation that the corporation will quit the Russian market voluntarily," he added. However, if they are forced ejected, Russia can boost up its own manufacturing, he claims.
Continue Reading
