BUCHAREST (Romania), March 3 (SeeNews) – Romanian construction materials distributor Arabesque said on Friday that it has invested 10 million euro ($10.5 million ) into the first retail store under its new MatHaus brand, which will open on March 9.
The DIY store is located in the northeastern town of Iasi and will employ 100 people, Arabesque said in a press release.
The 23,000 sq m store will sell a range of 25,000 products - from building materials and electrical components to ceramic tiles, floorings and tools.
In 2016, Arabesque invested 8 million lei ($1.8 million/1.7 million euro) into expanding its building materials offer and turnkey services and into staff training.
The company said in May that it targets 1.62 billion lei in turnover in 2016, up 5% on the year, based on Romania's general economic upswing and the recovery of the real estate sector in particular.
In March 2016, Arabesque opened a new store in the city of Pitesti following a 10 million euro investment.
Founded in 1994 by the Rapotan family, Arabesque has since expanded its business in Ukraine, Bulgaria and Moldova. The company has a network of 35 shopping centres and warehouses.
The Rapotan family ranks 26th among the richest people in Romania, with a fortune estimated at 150-160 million euro, according to Top 300 Wealthiest Men in Romania 2016 edition published by Romania's Capital magazine.
($=0.9496 euro)