Spanish fashion retailer Grupo Cortefiel hopes to install 120 stores in Russia and the CIS markets by 2010, up from 54 now, a company official confirmed to just-style today (16 January).

The group opened the first two Russian stores for its eponymous Cortefiel banner last week.

The shops are located in Novosibirsk and Rostov, Russia, showing that Cortefiel is aiming for less competitive markets than Moscow and St Petersburg where domestic archrivals Zara and Mango operate many stores.

Inditex plans to double its Russian store count this year by opening outlets for all its chains including Zara, Massimo Dutti, Stradivariuos and Paul & Bear, the Cortefiel official said.

Cortefiel, meanwhile, opened its stores through a joint venture with Russian peer Maratex Fashion Retail Company, which distributes the Esprit, Peacocks London and Hugo Boss brands in the country.

The Madrid-based Cortefiel Group hopes to open the 66 new outlets across Russia and in the fast-growing CIS states of Kazakhstan, and Ukraine.

Apart from Cortefiel, the group will roll out shops under its Springfield and Women's Secrete men's chain and lingerie banner, which the group is expanding around the world.

Cortefiel Group's 54 stores are currently located in Russia and Ukraine.

By Ivan Castano.