In 2021, the retailer expected 27% growth in turnover and is considering launching an initial public offering on the Bucharest capital market or a regional capital market.
“2020 started very well for us. The company had made a series of investments that helped it consolidate its market position. The general context brought about by the pandemic boosted the online commerce market on the whole but performance in sales was felt more in the second quarter of the year and less in the months that followed,” said Elefant.ro CEO Sergiu Chirca.
The company reported an operating profit of RON5.7 million for 2020, its first year of turning a profit.
“We target a turnover in excess of RON300 million (EUR61.5 million) in 2021 and an operating profit of at least RON10 million,” said Chirca.
He added the company is considering an IPO on the Bucharest Stock Exchange or another regional capital market by the end of the year.
The retailer expanded its delivery network in 2020 to over 1,500 points of delivery, following partnerships with easybox and the Romanian Post Office.
The company founded in 2010 also has a branch in Chisinau, Republic of Moldova.