BUCHAREST (Romania), Aug. 25 (SeeNews) – Romanian jewelry chain Teilor on Wednesday announced its goal of increasing its turnover by 64% year-on-year in 2021 to 230 million lei ($ 55 million / 47 million euros) and expand its international presence by entering the Hungarian market.
The increase in revenue will be primarily driven by growing demand for high-end jewelry and increased sales of engagement rings compared to 2020, Teilor said in a statement.
Historically, Teilor generated more than a quarter of its annual sales between July and September due to a resumption of commitments during the summer period.
In the first half of 2021, Teilor recorded an annual increase of 116% of its turnover to 88 million lei.
“We had a solid first half in terms of both relative and absolute sales. For 2021, we are aiming for the best results in our history, fueled by the consolidation of the Teilor brand in the Romanian market. , international expansion and significant investments in e-commerce, ”said Willy Dicu, CEO of Teilor.
“Therefore, before the end of the year, we plan to showcase new exclusive designs, create a unique digital experience and launch new stores in the region.”
In the first half of 2021, Teilor’s sales in Bulgaria and Poland grew 176% year-on-year, reaching 1.8 million lei. The company has four overseas stores – three in Sofia, Bulgaria and one in Warsaw, Poland, and plans to further accelerate its international expansion by entering the Hungarian market in the second half of 2021.
Founded in 1998 as a family business, Teilor operates more than 54 brick and mortar stores open nationally and internationally.
In March, Raiffeisen Bank granted Teilor two loans totaling 2.62 million euros ($ 3.07 million) for working capital requirements and investments in IT infrastructure and e-commerce applications.
(1 euro = 4.9286 lei)