Belarusian women and their partners are saving Milavitsa's economy for the second year in a row, while Russians and Europeans buy less and less
Many don't know this, but the famous "Milavitsa" belongs to the Estonian company Silvano Fashion Group. The Estonians published their annual report for 2025, which shows that in absolutely all other countries, people started buying less Milavitsa lingerie, and only Belarusians themselves can't get enough.
Illustrative photo: from Milavitsa company catalog
The Estonian Silvano Fashion Group is a shareholder in five Belarusian companies. These are "Milavitsa" (Estonians own 85.02% here), sewing firm "Yunona" (58.33%), fabric importer "Gimil" (100%), retail and wholesale company "Silvano Fashion" (100%), and logistics enterprise "Baltspeed Logistic" (50%).
Here in Belarus are 66% of all the group's physical assets — 9.4 million euros out of 14.2 million euros in non-current assets (buildings, equipment, production lines).
As of the end of 2025, the group had 65 of its own stores in Belarus under the "Milavitsa" brand — three new ones were opened during the year.
"Milavitsa" never became a top European lingerie player, although it clearly strived for it. Repressions and the war limited advertising opportunities in EU countries — retail chains in neighboring countries stopped stocking Belarusian products due to moral and political considerations, and the Ukrainian market generally closed for "made in Belarus" goods.
Consumption growth in Russia also slowed down, and Silvano Fashion Group's revenue is falling. In 2025, the company generated 55.4 million euros compared to last year's 58 million euros.
Of these, 30.8 million euros were generated in Russia, and 17.3 million euros in Belarus. Belarus's share in the group's income grows annually, reaching a record 31.3% in 2025.
At the same time, all other markets are shrinking: Russia decreased by 9.3% (its share in total revenue is now 55.5%), other markets (mostly post-Soviet) by 11.4%, the Baltics by 5.6%. Now, only a paltry 1.2 million euros in revenue per year comes from the Baltic countries.
In essence, for the second year in a row, Belarus has become the main driver of the group's sales growth.
But the emphasized loyalty of Belarusian consumers does not save the overall financial picture — the group's net profit for the year sharply decreased to 10 million euros (it was 13.6 million euros in 2024).