“Romania has the fourth largest growth in online commerce in Europe. The Romanian ecommerce market grows by 30% each year, so it has high potential and we will continue to invest in the following years to diversify our product categories, raise our market share and improve client services. We don’t target profitability in the following years, the company will register loss. (…) We estimate our turnover will double year to year in the next three years,” Dan Vidrascu, elefant.ro shareholder and general manager, said Tuesday.
He added the company’s turnover is estimated to grow 2.5 times this year in the most pessimistic scenario, from EUR6.5 million in 2013.
elefant.ro is a project developed by investment fund Fribourg Capital, controlled by businessman Ion Sturza, a former prime minister of the Republic of Moldova, and Dan Vidrascu. Fribourg Capital owns 60% of Universal Online Promotion, which owns the online store, while Vidrascu owns the remaining 40%.
“There have been talks with prospective partners and we might add new shareholders,” said Vidrascu.
The online platform was launched in June 2010 and an online bookstore and then diversified its product range with categories such as toys, fashion accessories, perfumes, electronics and home&deco.
“Books will make up 40% of our turnover this year. The book category will increase each year but will not be competing with other segments. We have a 10% share of the Romanian book market, which stands at EUR60 million,” said Vidrascu.