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Russia's lurch into recession has hit many tourism and luxury goods firms hard, forcing them to cut prices – and in turn costs – in an attempt to limit the damage.According to tax-refund company Global Blue, spending by Russian tourists fell 17 percent last year, and plunged 51 percent in January following a 44 percent fall in December.LVMH's Swiss luxury brand Tag Heuer, whose boutique in Ekaterinburg enjoyed record sales in December, said it kept prices relatively unchanged in Russia last year, though now plans to raise prices by around 20 percent this month.Mid-range French lingerie maker Maison LeJaby, which counts on Russia for 30 percent of turnover, has had to shed 27 percent of its staff, or 50 people, this month.Some hotels in Turkey have slashed prices to fill beds after arrivals from Russia dropped by more than 21 percent in 2014, and by 22 percent in January.
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