June 29 (SeeNews) - Romanian holding group Teilor said on Wednesday it plans to invest 27 million lei ($5.7 million/ 5.5 million euro) this year to open new stores in Europe.
The capital will be used to inaugurate new locations, to make upgrades to the existing stores as well as well as to finance further investments in the omnichannel customer experience, Teilor said in a press release.
"First half of 2022 for Teilor means continuous investments in the development of our network, human capital, further deployment of capital into digital assets and, finally, brand recognition, especially on foreign markets. We expect these investments, which build up on a strategy initiated in 2021, will start generating effects as of 2023," Teilor CEO Willy Dicu said.
"As we continue our fully-fledged international expansion, we estimate to reach operational breakeven on the Bulgarian market in the third quarter of this year, one year ahead of our estimates, thus validating our business development plan for which we raised capital from Bucharest Stock Exchange investors."
Since the beginning of the year, Teilor has inaugurated three new stores in Romania and its fourth store in Poland.
By the end of the year, the network plans to open five stores - three in Poland, one in Hungary and one in the Czech Republic.
As the network of international stores expands, the company's focus in the coming months will be on growing the brand awareness and brand recognition in Poland, Hungary, Bulgaria and the Czech Republic, increasing the customer base and the traffic to the stores through targeted campaigns.
By the end of 2022, the company expects to reach 62 stores, of which 47 stores in Romania, and 15 in Poland, Hungary, Bulgaria and the Czech Republic.
Founded in 1998, Teilor is present in Romania, Poland, Hungary and Bulgaria.
In 2021, the company registered a turnover of 231.5 million lei, up 65% year-on-year, driven primarily by a growing demand for high-end jewelry and increased sales of engagement rings. Historically, the company generated more than a quarter of its annual sales between July and September due to an uptake in engagements during the summer period. This trend is expected to continue in 2022 as the COVID-19 restrictions are lifted, allowing for weddings with no limits on the number of guests, the company said.
(1 euro=4.9457 lei)