BUCHAREST (Romania), September 28 (SeeNews) – Romanian jewelry chain Teilor announced on Tuesday its intention to invest 30 million lei (7.09 million euros / 6.06 million euros) before the end of year in expanding its store network in the EEC region.
For each new store opening or relocation, the average investment is 3.5 million lei and includes the expenses related to the location and premium configuration as well as the merchandise, which is approximately 1.5 million lei. per store in Romania, the company said in a press release.
On the other hand, the amount can reach up to 2.2 million lei for stores abroad, driven by the need to hold a larger stock to compete with local players.
In terms of local expansion, Teilor will open two new stores in Romania in the fourth quarter – at Vivo Mall in Baia Mare and Bucharest. In addition, the company will reopen the store in the Alba Iulia shopping center following the expansion of the store and in Arad, following the move to the Atrium shopping center.
On September 17, the jeweler inaugurated a new boutique in Budapest, marking its entry into Hungary, the third largest foreign market after Bulgaria and Poland. With the opening of the first store in Hungary, Teilor also launched the e-commerce platform dedicated to the Hungarian market.
Apart from Hungary, the further geographical expansion of the Polish market is already underway. Teilor will open three stores in Warsaw, two new ones and a move to benefit from increased pedestrian traffic before the end of 2021. The company will also open the first store outside the Polish capital, in Poznan.
Additionally, the jewelry maker is in advanced negotiations to open two more overseas stores in early 2022, one in Wroclaw, Poland, and one in Budapest.
By the end of 2021, Teilor’s network will reach 61 stores, including 53 in Romania, four in Poland, three in Bulgaria and one in Hungary. In addition to investments in physical stores, the company is considering further investments in the further development of its online platforms. Teilor currently operates five e-commerce platforms.
“Since the opening of the first stores outside Romania in 2019, our goal is to continue our international expansion at an accelerated pace. In 2020 we had to take a break due to the health crisis, but this period allowed us to consolidate Teilor’s plans. for the EEC region, “said Willy Dicu, CEO of Teilor.
“We are delighted with our recent entry into a new market, Hungary, where we see strong potential. We are already engaged in discussions to open the second store in Budapest in early 2022. In the coming years, we want Teilor’s network of stores abroad to match our presence in Romania. At the same time, we plan to penetrate mature Western markets.
In August, Teilor said it plans to increase its revenue by 64% year-on-year in 2021 and expand its international presence by entering the Hungarian market. The increase in turnover will be mainly driven by a growing demand for high-end jewelry and an increase in sales of engagement rings compared to 2020, Teilor added at the time.
Founded in 1998 as a family business, Teilor operates more than 55 brick and mortar stores 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 = 4.9481 lei)
In addition, TEILOR is in advanced negotiations to open two other stores abroad in early 2022, one in Wroclaw, Poland, and the other in Budapest, Hungary.
By the end of 2021, the TEILOR network will reach 61 stores, of which 53 are based in Romania, four in Poland, three in Bulgaria and one in Hungary. In addition to investments in physical stores, the company is considering additional investments to further develop its online platforms to improve the omnichannel experience for customers. TEILOR currently operates five e-commerce platforms.