As part of international expansion efforts, Spanish fashion retailer Grupo Cortefiel plans to triple its presence in Russia, where it expects to operate 200 stores by 2016.

The company, which currently manages 67 stores in the country under its Springfield and Women'secret banners, intends to open 50 new stores in Moscow and St Petersburg alone.

Grupo Cortefiel said Russia is one of its strategic growth markets, along with China and Mexico, and the third in terms of revenue, after Spain and Portugal. Online sales in the country will begin next September.

"Russia is a key market for us and will remain so. Our sales confirm this and we expect them to growth in double digits in 2014 and to continue to see an increase of the interest in our brands. We believe there is much potential for growth," said Grupo Cortefiel CEO Juan Carlos Escribano.

"The importance of Russian tourism in Spain, with more than 1m tourists a year, has given a lot of visibility to our brands," Escribano added.