French luxury goods maker Hermes reopened one of its two Moscow shops on Thursday after tripling its selling space in a gesture of long-term confidence in the market.

Hermes first opened the shop in Russia's landmark GUM shopping center on the Red Square in December 2007.

The store, now the company's second-biggest in Europe, opened at a time when Russia's economy has experienced a sharp downturn.

Hermes Russia Managing Director Nicolas Vlieghe told Reuters the company's Russian sales were rising, without providing details.

Hermes took direct control of its Russian stores in 2011 from a local retail partner, having opened two stores in the capital city of Moscow in 2000 and 2007.