Tourism, luxury goods companies hard hit by Russia's recession
Spending by Russian tourists in Europe drops 20-30%; some retailers sacrifice margins while others cut staff
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RUSSIA'S lurch into recession has hit many tourism and luxury goods companies hard, forcing them to cut prices - and in turn costs - in an attempt to limit the damage.
And there are few signs things will get better soon, with a fragile ceasefire in eastern Ukraine doing little to ease international tensions over Moscow's support for pro-Russian separatists in the region.
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