“We ended 2013 with revenue of EUR6.5 million and after the results of the first months we expect 2014 to bring receipts of almost EUR20 million,” said Vidrascu.
His forecast comes as the company changed the strategy it embraced in 2013 and now aims to expand the traditional range of books and toys with segments such as fashion or baby products.
Vidrascu also specified the investment budget for 2014 stands at EUR1 million, with the bulk of it going to storage space expansion. At present, Elefant.ro has over 100,000 products.
Vidrascu told ZF that out of the total revenue of EUR20 million, one third will come from books and the rest from the other categories-garments, footwear, cosmetics and toys.
“We have a highly ambitious expansion strategy, so that the main focus will not fall on profit, but on market share and a rising number of clients. In 2013 we had losses of six million lei and for 2014 we expect a similar figure. We need money to invest in new categories,” said Vidrascu.
(English version by Catalina Apostoiu)