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#6?7 (231) 2015
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??????? ????? ?????? ??????? ????? ??????? ?а?????? ?а????????????
???????. ???????? ??а???????? ?а???????, ????????? ???????? ??????
????????? ?????????????? ?????? ?а????????? ?????. ???? ??????
?а?????????? ?????????? ?????????? ??? ??????????? ??????????
??????? ???а????????? ???????? ????? ?????? ????????.
? ?????? ??????????
??????? ???????? ??а?????????????? ????????: ????????? ????
??????????? ??? ?????????? ???????? ??а?????. ???????? ??????????
??????????? ????????? ????????? ??????????? ????????.
??? ????????????, ??????? ?????????? ??а????? ???????? ?????????, ??????? Commodity Trade Finance4а? ????? ??????? ?а???????
????? ????????? ?????????????? ????????? ??а???? ????????? ?????
?а?????????.
??????????? ??????????? ???????? ???? ?????????? ????????? ???????? ?????????????? ??? ????????? ???????? ??????????? ?????????
??а??????????? ?????????? ???????? ?а?????????? (?????)5.
????????? ???????????????? ????????
? ????????? ???? ???????? ???????? ????????????? ???? ????????
????????????? ??а?????????? ??. ?????? ?а?????? ???????? 2015 ?. ?????????? ???? ???????? ?а????? ??????????? ????? ??а90% ??а?????????
?а??????????? ???????? 2014 ?. ????? ???????? ??????? ?????????а?
???????????????? ?????????? ?а???????????? ?????????? ??????
????????? ???????? ?а?????? ????????, ??????????????? ???????????
???????. ???? ??????? ??а?????? ????????? ?????????? ????????? ?????????? ???????, ??а?а???? ??????????? ???????????? ??????????????
???????????????? ???????? ??????.
??????? ?????? ??а??????? ????????? ??а????? sberbank.ru.
1 ??а?????? ??????? Global Trade Review (2012?., 2013?., 2014?.), ??????? Global Finance (2014?., 2015?.), ??????? Trade & Forfaiting Review (2013?., 2014?.). 2 ??? л???????? ???╗. 3 ?а2014 ?. ???????? ????? ?????? ????? ????? ?????? ??????????? ?а????????? ??????,
???????? ????? ??а???????????, ?а???????? ?????????? ?????? ???? ??а?????? ??????? The Banker. 4 ???????? ???????? ??????????????. 5 ????? ????????? ?????????? ???????????? ??а????? http://www.exiar.ru. 6 ????????? ???????? ????? ??а??????? ??а?????
???????????????? ???????????? (???????? ???????????? ????????? л??????? ??╗, 2015 ?.).
??? л???????? ??????╗, ??????????? ???????? ????? ?????? ??а????????????? ?????????? ???????? ?1481 ??а08.08.2012 ?.
???????
??????? ?????????
??????????? ?а??????, ?????????? ?а??????
A-?
?5..............................................................................18
????????........................................................... 67, 70
?????? ????????????????????????????????????????????????????????????????13
???????? ????????? ????????????
?????????? ?????????????????????????????????????????????????24
????????????????????????????????????????????????????????????????????????12
?????? ????????????????????????????????????????????????????? 69, 70
?????-????????????????????????????????????????????????????????????????73
???????? ???? 36,6???????????????????????????????????????????16-20
?????????? ?????????????
???????? ??????????????????????????????????????????????????????????50
?????????????????????????????????????????????????????????????????? 33, 34
???? ?????????????????????????????????????????????????????????????????73
??????????? ???????????????????????????????????????????????????23
?????????? ??????? ?????????????????????????????????????30
??????? ?????????????????????????????????????????????????????????????12
????-???????????????????????????????????????????????????????????????????22
?????????????????????????????????????????????????????????????????????????55
???????? ????????????????????????????????????????????????????????68
?????????????? ?????????????????????????????????????????????12
???????? ??????????????????????????????????????????????????????????68
??????????????????????????????????????????????????????????????????????????28
????????? ??????????????????????????????????????????????????????67
?????? ???????????????????????????????????????????????????????????????13
???????? ?????????????????????????????????????????????????????????13
?????????????????????????????????????????????????????????????????? 18, 19
???????? ???????????????????????????????????????????????????? 12, 14
??????? ???????????????????????????????????????????????????????????13
????-????????????????????????????????????????????????????????????????????73
???????????.????????????????????????????????????????????????????????15
??????.??................................................... 23, 25, 26
????????????????????????????????????????????????????????????????????????????55
???????? ?????? ??????????????????????????????????????????????????58
?????????? ??????????????????????????????????????????????????????68
?????? ????????????????????????????????????????????????????????69
?????? ?????? ???????????????????????????????????????????????? 66, 68
?????? ?????????????????????????????????????????????? 67, 68, 70
?????? ??????????????????????????????????????????????????????????????71
????????????????????????????????????????????????????????????????????????18
????????????????????????????????????????????????????????????????????????68
???????????????????????????????????????????????????????????????????68
??????????? ???????????????????????????????????????????? 69, 70
?????????? ????????????????????????????????????????????????????13
??????? ?????????????????????????????????????????????????????????77
??????????????????????????????????????????????????????????????????????????51
?????? ??????????????????????????????????????????????????????? 12, 14
???????????? ??????????????????????????????????????????????34
???????? ??????????????????????????????????????????????????????????30
?????????? ????????????????????????????????????????????????????????59
???????????? ????????????????????????????????????????????18
???????? ?????????????????????????????????????????????????????????57
???????????????????????????????????????????????????????????????????????74
??????.?????????????????????????????????????????????????????????????????23
?????????????????????????????????????????????????????????????????10
?????? ?????????????????????????????????????????????????????? 10, 15
??????????? ?????????????????????????????????? 66, 68, 71
??????................................................................32-35
????????? ????????????????????????????????????????????????????31
??????? ????????????????????????????????????????????????????????15
?????? ??????????????????????????????????????????????????????????????35
?????? ?????????????????????????????????????????????????????????????57
A-Z
?????? ??????????????????????????????????????????????????????? 67, 69
??? ???????????????????????????????????????????????????????????????????73
?????????????????????????????????????????????????????????????????????????47
??????? ???????????????????????????????????????????????????????????58
????????????????????????????????????????????????????????????????????????58
??????????????????????????????????????????????????????????????????????????55
?????????????????????????????????????????????????????????????????????????43
???????? ????????????????????????????????????????????????????? 23, 26
????? ????????????????????????????????????????????????????????????????58
???????? ?????????????????????????????????????????????????? 28?31
??????? ?????????????????????????????????????????????????????? 19, 20
???????? ??????????????????????????????????????????? 46, 47, 48
??????? ????????????????????????????????????????????????????????11
??? ?? ??????????????????????????????????????????????????????????????70
???????????? ????????????????
???????????????????????????????????????????????????????????????????????34
?????? ???.............................................................71
???????? ?????????? ????????................... 28?31
????????? ????????????????????????????????????????????????? 24, 26
??????? ???????????????????????????????????????????????????????????34
?????? ??????????????????????????????????????????????????????????????43
???????????? ??????????????????????????????????????????????????58
???????? ???????????????????????????????????????????????????????59
????????????????????????????????????????????????????????????????????????????18
??????????????????????????????????????????????????????????????????????73
?????????? ????
???????????????? ?????????????????????????????????????????34
??????? ???? ??????????????????????????????????????????????? 12,14
????? ????????????????????????????????????????????????????? 67, 70
??????? ?????????????????????????????????????????????????????????48
???????????????????????????????????????????????????????????????????? 9, 73
????? ??????????????????????????????????????????????????????????????12
??? ???????????????????????????????????????????????????????????????????67
???????? ???????????????????????????????????????????????????????????47
???????? ??????????????????????????????????????????????????????????15
?????? ?????????????????????????????????????????????????????????????70
?????? ????????????????????????????????????????????????????????????70
???-BP????????????????????????????????????????????????????????????????????73
????????? ???????????????????????????????????????????????????????????48
??????? ??????????????????????????????????????????????????????????74
?????????? ? ?????????????????????????????????????????????????13
????????????????????????????????????????????????????????????????????????23
???????????????????????????????????????????????????????????????????????13
?????? ??????????????????????????????????????????????????????????23
??????? ???????????????????????????????????????????????????32-35
???? ?????????? ???????? ????? ????
??????????? ? ??????-??????????? ?????????????50
??????? ??????????????????????????????????????????????????? 10, 12
??????? ?????????????????????????????????????????????????????????20
????? ??????????????????????????????????????????????????????????16-20
A.v.e Group??????????????????????????????????????????????????????????????18
A-POS??????????????????????????????????????????????????????????????????????58
ASCAP??????????????????????????????????????????????????????????????????????47
BMI............................................................................47
Bosch..................................................................41-42
Catalina Marketing??????????????????????????????????????????????????55
Check Point Software Technologies???????????????????????70
Cubana?????????????????????????????????????????????????????????????????????34
DataLine???????????????????????????????????????????????????????????????????68
DSM Group................................................... 18, 19, 20
DuPont?????????????????????????????????????????????????????????????????????64
ESET................................................................... 67, 69
Fabernovel???????????????????????????????????????????????????????????????60
Giftoman............................................................ 55, 56
Gloria Jeans?????????????????????????????????????????????????????????????58
Honeywell????????????????????????????????????????????????????????????????33
IFC Markets?????????????????????????????????????????????????????????????15
InfoWatch..................................................... 67, 68, 70
Inrec..........................................................................59
InSimple.ru??????????????????????????????????????????????????????????????46
Intuit..........................................................................60
IT Service Retail & Banking?????????????????????????????????????73
J?son & Partners Consulting............................. 66, 48
kaufDA?????????????????????????????????????????????????????????????????????57
Kometa Records??????????????????????????????????????????????????????47
Le Bon Gout?????????????????????????????????????????????????????? 10, 15
Litton Industries??????????????????????????????????????????????????????33
LOGA Group?????????????????????????????????????????????????????????????31
METRO Cash & Carry???????????????????????????????????????????????73
NGS Distribution??????????????????????????????????????????????????????69
Open Retail??????????????????????????????????????????????????????????????55
Oracle???????????????????????????????????????????????????????????????????????67
Parisoma?????????????????????????????????????????????????????????????????60
Promobot?????????????????????????????????????????????????????????????????59
Prostor Capital????????????????????????????????????????????????????????55
PRS for Music??????????????????????????????????????????????????????????47
Renault ?????????????????????????????????????????????????????????????77
Samsung??????????????????????????????????????????????????????????????????30
SESAC??????????????????????????????????????????????????????????????????????47
Soundkey?????????????????????????????????????????????????????????????????47
SPG...........................................................................35
SunSchool????????????????????????????????????????????????????????????????23
Toshiba????????????????????????????????????????????????????????????????????30
Universal Music???????????????????????????????????????????????????????47
Variopack?????????????????????????????????????????????????????????????????42
Vector Market Research?????????????????????????????????????????20
Venture Club????????????????????????????????????????????????????????????57
Warner Music??????????????????????????????????????????????????????????47
Warner Music Group???????????????????????????????????????????????48
X5 Retail Group????????????????????????????????????????????????????????73
Yota...........................................................................47
Zeldis.........................................................................19
www.b-mag.ru/index
6
??????-?????? ????????? #6?7 2015
??? ?????????
???????? ????
?а???????? ??????
?а1 ??. 2015 ????
????????? ???????
??а??????????
????????????
64%
??????
20а???? ?
3
???????????
????????
29а???? ?
37%
???????????
3
?? ?????? ??????????? ???????? ???????? Gassco
?а????????, ?а1 ??. 2015 ???? ???????? ????????? ??????
??а??????? ???????? ???? ?а?????????????????? ??????.
?а????????? ??? ??????? ??? ????? ?????, ???????????
??????? ??????????? ??а?????????? ???????????????. ?а??????? ???? ????? ?????????? ????, ??????????????? ???????
?а?????? ??, ???????? ??а10%.
?????? ??????????
?????? ?а????????
??????? ?????????
? 2014 ????
? ?????? 2015 ????
???????? ????? ?????????? ???? ?а?????? ??????????? ?????????? ?????а???????, ???????? ????????? ?????????????
???????? Antal Russia ??а?????? ???????????? ????????????.
??????????? ??????? ???? ???????????, ?а??????? ????????
?а2015 ???? ???????????: ??а???? ???????? 11% ????????????
(?а??????? ???? ????? ???? ???? 2%).
???? ??????????
?????????
1 ??. 2015 ????
?????? 2015 ????
175,7а???? ?
114,7а???? ?
+53%
? ?????? 2014 ????
? ?????? 2015 ????
? ??????? ????????????? ??????? ????? ???????????
?????????? ???? ??????? ?а???????????? ????????????
??а???? ???????, ????????? ??????? ??а?????????????
????????. ?????????? ?????? ?а??????а? ?????? ??????
?????????? ??????????????? ?????????, ?а??а?????????? ???
??????????????, ????? ???????? ???? ??????? ?а????????
???????а? ?????? ????? ??? ???????? ???????? ???????????? ?????????-???????????? ????? ?а?????? ???????
?а???????? 1990?? ?????. ???????, ??а?????? ????? ??????,
???????????? ????????????? ???????? ????? ???????????
??????? ?????????? ????? 2 ???? ??????. ??а????? ???? ?????????????? ???? ??? ??а900 ??????????.
8
??????-?????? ????????? #6?7 2015
-1,9%
-4,2%
?????????? ??????????? ??? ?а 1 ???????? 2015
???? ????????? ??а ????? ????????????, ??? ?????????
?а?????????????????а? 1,9% (??????? ??? ??а?????? 3%).
????? ??? ?????????? ?????????? ?????????????? ?????
???????????? ????????? ?????????????, ???а?????? ????
??????? ??? ????????. ?????? ?а?????? ???????? ??? ??а4,2%
????????? ?????? ????????.
??????????
??????
?? ???????
78,6а???.
7 403а???.
??????? ????????
13,7а???.
????? ??????????? ?а??
??????? ??????
?????????????? ??а?????? ???? ???????????????? ?????
????? ?????????? ?????????? ????????? ?????? л???????
??????????? ??????? ?а??????╗, ??? ????????? ?????????
???????? ??а??????? ???????? ?а??????. ?а???????? ???????
??????? ??????а? ????????? ????? ?????????: 290а???.
??????????? ?а??????, 494а???.а? ?а???. ?а?????? ??а??а?
????????????????? ?????? ????????? ????? ?????? ????????????? ?а???????? ????????????. ????? ????, ???? ???
?а???????????? ????????? ?а????????? ???? ???? ?????????:
????????? ?а???? ??????? ?а2011-2013 ????? ??????????? ??????? ?????а? ??а16,8% (?а????? ???????а? ??а1%).
??????? ?????????
129,8а???? ?
?????? ?????
?????????????
??????????? ???????
168а???? ?
88,5а???? ?
48,8а???? ?
? ?????? 2014 ????
1 ??. 2014 ????
1 ??. 2015 ????
? 1 ???????? 2015 ???? ??????? ????????? ??а???? ??????????? ?а2,7 ???? ??а????????? ?а??????????? ????????
???????? ????, ?а????????????? ???????? ????? ???? 13%.
??????? ????? ???????? ???? ???????? ?????????? ?а???????? ????????????? (??-?? ??????? ??????) ??????? ?а???????
?????? ???????? ????????, ?а??-?? ??????? ??а??????? ???
???????? ????????? ?????????????? ??????? ??а????????,
???????? ?????????? ?????????.
? ??????? 2014 ????
?? 2014 ??? ?????? ????? ????????????? ???????????
??????? ?????????? ????? ?????. ????????? ?????????
?а????? ???????, ?????????????? ??????? ??а?????????
????????????? ?????? ??? ???, ??????????, ???а???? ???????
????????, ????????????????? ??а??????? ?????????? ??????,
?а??????? ???????? ???? ???????? ?а?????? ?а????? ??а???
2015 ????, ??а???? ????? ??-????? ??????? ???????????.
?а???? ??? ????????? ?а???? ?????? ??а???????? ?а???????
110а???? ?????? л? ????? ??????????? ?????????? ???????????? ??????? ??????????? ???????╗.
??????-?????? ????????? #6?7 2015
9
?????
???????
???????
????
????????
?
?? ?аXVIII ???? ??????????? л???????╗ ???????? ??????,
???????????? ?????? ??????, ??а?а???? ????????? ????
??????-????. ???????????? ???? ????????????????
??????????? ?а?????? ??а?????? ?а???? ??????????? ??????.
??????? ??????????? ???????а? ??????? ?????? ????? ?????????????? ????????????. ?а??????? ???? ????????? ????
????? ??????? ???????? ??????? л??????: ????????????
????, ??????????? ??а????? ???????????, ??? ???????? ???????????? ?????????? ??? ????? ?????, ?????????? ??????
???? ?а????????╗. ???????? ??????? ????????? ??????????
????????? ?????????: ?а????? ???????? ???? ??????? ???
???????? ???? ?????а? ???????????? ???? ?????? ?а?????
?????????? ????????? ?а?????????????? ?????????????.
?а?????? ???? ????????? ????????? ????????? ??а????, ???????????? ?а?????????????? ???????. ??????????? ??????
???? ?а????? ???????? ????? ??а?????????? ????????????????
??????????, ???? ??а??а????????????? ?????????????? ????
?а????. ??? ????? ?????? ????????? ????????????? ????
??????? ?ал??????? ?????????? ??????????╗, ??? ??????????
?????? ??????, ??????? ?а???????? ??а???????? Le Bon Gout.
??? ???а????
????????? ????? ??????? ?а?????? ???????? ??? ?аXIX
????, ?????? ?????? ???????? ?????? ?????? ?????????
???? ?а???? ?????????а? ?а????? ??а?????????? ????????.
??а???? ???? ????? ????????? ????????????????, ?????????
??????? л?????????╗ ???? ?а????, ??????? ?????? ???????,
?.а?.а?., ???????? ?????? ?????????? ????????? ?????????
??? ???а?? л????????????????╗.
? ????????????? ??????? ???????????? ?????? ??????????? ???????????. ??? ???????? ??????? ????. ??????
?а????, ???а?????? ?????????? ?????????? ??а???, ???????????? ???????. ?????? ????? ??а ???????? ?а ????
???????? ??????????, ????? ??? ????? ??? ????????
10
??????-?????? ????????? #6?7 2015
???????? ????????? ?а??????????
???? ???????? ?а2006 ????. ????????
??, ??? ?????? ?????????????
???????? ???????????????
????????????? ?а????????????
?????? ????а? ??????????
???????????? ????????, ????
???????? ??а????? ??????? ??????
??а40а???. ?????? ??а?????????.
?????? ??а??? ??? ??????: ??????
???? ??а??? ?????? ????????????
????? ????? 32 ????, ?а????????,
??????? ?а???? ???????, ?????????
??а????? ??????.
????,а? ?а??????? ??а14-15 ???, ?а?????? ?????? ?а????????
?????? ?????? ?а20 ???. л???? ????????? ????????? ?????
??а?????? ????????, ??а????, ????? ???, ??????? ????? ??????
????, ??? ?????? ?????╗,а? ??????? ??????. ????? ?????????? ???, ???????????? ?????? ???????, ?а????? ????
??????????? ????????-?????????? ??????????? ???? ?а??????? ???, ?а????????? ????? ??? ????????? ??????? ??а????
????????????? ?????.
??????????????? ?????? ???а????????????? ???? ????????
??? 10-15 ?????. ????? ?а?????? ?а??????? ???? ????? ??????????????? ????????, ?а???????? ?????????, ????????????
??а????? ????????????? ?а???????? ?а?????????????????
?????. ??а?????? ??????? ????????, ??????? ?а?????? ?????
300 ??????????? ?????????? ?????????????? ?а????????????
?а??????? ?????. ?а??? ??а???????? ?????????? ??????? ???????????? ??ал??????????╗. ???? ?????? ?????????? ??????? ??????а? 10% ??а???????? ?????: 4а???. ???? ????
???? ????????????? ??????? ????? л????????╗
?????????, ?а??????? ???????????? ?????????? ????? 40а???.
????. ?а??? ??а?????????? ???????????? ?а????????? ????
??????????? ??а??????.
?????? ??????????
???????????? ??????????????? ??? ?а1990?? ???? ????????, ???а? ?????? ????? ??????????? ??а????????? ?????????.
?а??а????? ??? ????????????? ????? ????????? ???????,
??????? ?а1996 ???? ????? ?????????? ???????????? ?а???????? ??а???????? ?????????? ????????? ????? ?а????????????
????. ?а??????????? ??????? (???????????? ?????) ???????
?????? ?а????????????? ????????? $15а???. ????????? ????????? ???? ???????????? ?????? ???? ???????????? ????,
???а????????? ????????? ???? ?????????? ???? ?а???? ??а8-10
???. ???????? ??????????? ???? ???????? ????? ??а??????
???????, ??????????? ??????? ???? ?а??????. ?????? ????
??а??????, ??????? ??????? ????????????, ?????? ???-
???????? ????, ????????? ???????? ??????????? ???????.
л?????? ???? ??? ???? ??а????, ??????? ???????? ?а???,
??а??????, ???а???-?? ??а????? ?????????, ???? ??а????????
??а??????????,а? ?????????? ???????????????.а? ??а?????
????? ??????? ????????? ?????? ??а?????????????????
?????????? ??????????? ????????? ?????╗. ?а?????????
??а???? ??????? ??????? л?????╗: ??а??????????????? ????
??а???????? ???? ????????????а? ??а????? 15%. ???????
??????? ?а??????? ????? ??????? ???? ??а???????? ???????? ???????? ????? ?а800 ????.
??????? ???????? ?????????? ???????? ????????? ???????
??а????? ?????????????? ???? (?? ?????? л??? ??????╗, ??????? ????? ??а????????????а? 8,5 ?). ?????, ???а??????????????? ????? ???? ??????? ???????? ??а?????? ????????????,
??а?а?????. ?а2007-2008 ????? ??а??????? л??????? ???????
???╗, ??????? ?????? ??????? ????????????. л??????? ?????
???????????? ???????, ??а????????? ?а???? ?????? ????
??????-?????? ????????? #6?7 2015
11
?????
?а????? ????? ????????? ???????? ??а???????? ??????????╗,а? ??????? ?????? ??????, ??????? ??а?????? ?????
???????? ???????? ??? ???????????? ???????????? л????????
???????? ????╗, ?а?? ????? ??????? ?а???????а? ?????????
??????? ???? ?а??????, ???? ??а????????? ????? ?????????
?а???????????? ?????. ????? ??????????? ?а?????? ?а??????
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??????????????). ??а?????? ?????????? ????????, ?????????? ??????????? ??а????? ??????? ?а??? ??? ??а15-20%,
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12
??????-?????? ????????? #6?7 2015
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???????????. ????? 2010 ???? ??а????? ?????????? ????
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14
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? 1993 ???? ????? ?а??? ??????? ??????? ???????? ?????
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???????? ????? ?????? ????????????: ???????????????
???????? ???????? ??? ??????? 126. ????? ??????????,
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?????????????????? ?????? ??а?????????? ??????????.
??а???а???? ???????? ?????????????? ????????? ????? ????-
????? ?????, ????????
?????? л????????? ????╗:
л? ?????-?? ??????
??а??????, ???а??????
??????? ???а???????
????? ???????????,
??? ?????? ?????????????а?
???а?????╗
??????-?????? ????????? #6?7 2015
17
??????
??????????????? ?а????????. л????????, ??????, ??а????????,
???????? ?????????, ??????? ???? ?а????????, ?а????????
??,а? ??????? ????? ?????.а? ????? ???????? ?а?????? ?????, ????? ?????? ??а?????-?????? ?????? ?????????. ?????
?????????? ????????? ???????? ??а??а????╗
?????? ??а???????? ?????? ????? ????? ???? ?????????.
?????????? ??? ???????? ?а??????????, ???????????? ???????????? ?а??????? ?а????????????? ?а??????. ????? ???????,
???а??? ??????? ???? ?????? ?????? ????????: л??????????
??????? ??а?????? ???????а? ?????????? ???а????????????╗.
???????? ???? ???? ?а???, ????? ????????? л??????????╗ ??????-???????????. ???? ?????? ????? л??????????╗ ?а?? ?????,
???????, ??а????????????. ??а???? ???? ?????? ?а???, ?????
????????? ??а????? ????? ??а??????????? ????, ?а???а???-
???????? ?????????? ????????
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???????? ?????????? ??? ?????????
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?????? ???, ??? ?????? ??????? ??????
??а??????? ????. ????? ????? ?????????
?а?????????? ??аA.v.e Group ??????
??????? ????? л36,6╗, ?а????? ?????????
???????? л?????? ??????╗, л03╗ ?а??.
??а? ????????? ???????? ???????? ?а??????????. л?? ???
25 ??? ????? ??а?????? ?????? ??а????, ??????? ?????? ????
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??????????? ??????? 100%, ???????? ???????а? ??а??????.
л? ??,а? ?????????? ?????,а? ?????? ???????????? ???????
?а50%, ?а???????????а? ?а5% ??а???? ??????-?????????????.
??а???? ????????? ?а??????? ???????, ???а?????? ????????
?????╗. ?а???а?????? л? ?????? ??????? ??? ?????????? ??????????╗,а? ?????????? ????? ?а?а?????????????? ????????
????: ?а??? ?????? ??????? ????? ??а??????, ???????? ?а??????
??????????? ???????, ?а??????? ??а????? ?????а???????????
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???????, ????? ??а???????????.
?????????? ??а?????? ??????? л????????╗ (???????? ????????? ??? ?а90?? ????) ?????? ????????? ??????? ????
??????? ???а???????????????. ??? ????? ????? ??????????
???????а?????? ????? ?а?????? ?а???????, ???????, ???а???
??????? ??а??????????? ??????. л?а?а??? ???????? ?????????? ?????? ????????????? ?????????╗,а? ??????? ?????. ???
?????? ??а????? ???????, ??????????? ???????? ????????:
??а20 ??? ???? ??????? ????? 50 ????? л????????╗. ?а2012
???? л????????╗ ??????????? ?а????? A.v.e. (??а???? A.v.e
Group), ??? ???? ?????????? ??? ?????? A.v.e. ?????? ????
???????????????? ?ал????????╗. ????? ????? ???????-?????
18
??????-?????? ????????? #6?7 2015
????? ???????? ????????? ??? ?????. ???????????? ????????? ??????? ??????? ?????????а? ????? ?????, ????????
????????????, ???? ???????????, ????? ???????????. ???
??????????? ??а????? ??????????? ??а???????? ?????:
?????? ????? ??????? ???? ???????? ??????. ??а?а??????????? ???? ?????????: ????? ????? ?????? ?а???? ???????,
?а???????а? ??а????? ??????? ?????? ??а???????, ???????
?а?????????? ????????????????? ????? ??а??? ?????.
??????????? ??????????
?????? ???????? ?????? ?а???????? ???? ?а?????? ?????:
?а????? 2013 ???? ???? ?????????? ?????????? ?а???????
????? A.v.e ?ал36,6╗ ??а???????? ??????? ???????? ?????????
??? ?????????? A.v.e. ?а???? л36,6╗ ??а??? ?????? ???? 650
?????. ??????????? ?????????? ???????????? ???????? ????
???????? ????????????. л???? л36,6╗ ?????? ???? ???а???
???????? ?????,а? ???????? ????? ?????.а? ??а???????
??а?????? ?а??????. ???????? ??????. ??????? ??????????.
???????? ????????????. ?????? ?а?????-?? ?????? ?????????? ???????? ???????? ??????? ??а??????????а? ?а?????????? ???????? ?????? ??????????. ??? ?а?????????
??? ??а??????????╗. ??а?????????? ????? ?????? л????????
???? 36,6╗ ??????, ??а?????? DSM Group ??а?????? ???????
2015 ????, ??а????? ????? ?а?????? (783 ??????); ????????
л????????╗ (1 350), л?????╗ (1 233) ?ал?5╗ (1 039).
? ??????? ?????????? ?????? ?????????? ???????? ????
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???а???? ???? ?а???????????: ??????????? ???????, ?????????
??????????????, ???? ?????? 10,6а???? ?????? (?? ?????????
??а1 ???? 2013 ????), ??? ???? ????????????????? ?????-??????? ???????? ?а2014 ???? ????????? 6,8а????. л?????????
?а???????, ????????? ?????????? ??? ?????? ???????
?????? ?а???????? ?????????? ??????????? ????????;
?????????? ??, ?????? ???? ????? ???????? ??а????????,
??????? ??а????╗,а? ?????? ??????? ????? ?????. ??а??????
?а???????? ????? ??а??? ??????: ?а???? ?????? л36,6 / A.v.e╗
??а?????? ??? ???? ???????? ?????? ???????? ????? ?????? ??а????????????? ???????? ???????? ??????????????
???????????????? ??????? л?????????? ?????╗. ???????
??????????? ???????? ??? ???????????? ?а????? ????????
?а??????? 2015 ????. ??а????? ?????????? ??? ?????????
??а????????? ?????????? ???????? ?а????????: ?а???????
???? ??? л???????? ???? 36,6╗ ????? ??а????????????, ?????? ?а???????????? ?а?????????? ??????????? ??а????
??????????? ???????? ????????????. ??а??????? ?а??????
???????? 2015 ???? л36,6╗ ???????? ?????? ????? ????? ???????? ????? (7,9а???? ???.), ??????? ???? л?????╗ (8,2а????).
??? л36,6╗ ????? ????????? ????????? ????? ???????? л????????╗: ??????? ????? ????????????? ??????????,
???????? ?????? ???? ????????? ????????????, ????? ??????????????? ??а????? ?????? ?а???????????, ?????????
?????????????? ????????, ???????????? ??а????????????
????????????, ???????? ????? ?????? ?????????? ???
???а???????? ??а???? ??????????? ?а?????????? ???????.
?а??? ?????????? ??а??????????????? ?ал36,6╗ ?????? л?????????????? ?????╗, ???????, ??? ??????????? ??????????? ????????????????? ??????? ???? ??а????????? ????
???????????, ?а?????? 2008 ???? ???????? ?а???????????? ????.
?а?????????? ???? ??????? ????? ??а???????? ?????????????
??а???????? ?????, ???????????? ???????????.
?????? ?а????? ?????? ????????? ????? ??? ???????? ???????: ???????????а? л????????╗, ??????? ???????а? л36,6╗
?а???????а? A.v.e. ??? ???? ??????? ??????????? ???а???????.
??????? ????? ????????????? ?????а? л????????╗, ???????
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?????? ??????? ???????? Oriola-KD (??????????? ????????,
?а????? ???? ????? л?????? ??????╗ ?ал03╗). ??? ???а??????
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???????, ?а????? ??а??? ????????? 100?200%. ??а?????
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????????? ???? Gucci ?????? ??????????, ??? ??????????????? ????? ?а?????? ???а???????? ????. ??а??????? ???????
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????? ??????, ????? ??а?????????????? ?????????
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??????-?????? ????????? #6?7 2015
19
??????
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????????. ??????? ???????, ??????????? ????????? ????????????? ???????????? Vector Market Research, ????????
?а?????? ??????? ??????? Clear vita Abe, ?а??????? ?????????
?а???, ???а?? л?????? ???? ??????╗. ???????? ??, ???? ????
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20
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Group, л????????? ????╗ ?а??????? ???????? ?а?????????
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(8,6%). ???????? ?????????, ???? ????????????? ??????????
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Nivea ?а?.а?.), ??????? ?а??????? ??????, ???а?а?????? ???????
?????.
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????? 45а?????). ???????? ???????? ?????, ?????????????
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22
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