New York, NY (CNS) – Kira Plastinina, the 16-year-old fashion designer, has recently been hit by the economic downturn and will be closing nearly all of her U.S. stores.
The young designer and daughter to wealthy Russian businessman Sergei Plastinin currently operates 12 stores in the United States, 70 in Russia, 10 in the Ukraine and 5 in Kazakhstan. The store boasts cheap-chic apparel similar to stores such as Topshop and H&M.
She recently discussed her stores’ financial troubles with Bloomberg saying, “The number of shoppers in the U.S. fell significantly. It became much harder to find money for the investment because of the financial crisis. We had enormous plans: New York, then India and China in 2009.”
Her father was rumored to have spent somewhere around $80 million to help keep her stores open, but to no avail. Reports are saying that the designer will only keep open one or two U.S. outlets open for business in the States.