It also plans to open a store in the City of London in the spring of 2014.
Tudor Personal Tailor is a member of the Romanian-British Chamber of Commerce and of the Romanian-French Chamber of Commerce, which is helping the company in its expansion plans, Dan said.
Investments in the future store in Monaco are estimated at around EUR100,000-EUR120,000, double from EUR40,000 –EUR60,000 allocated for a showroom in Romania.
The Tudor clothing that will be sold in the future stores in Monaco and London will also be made in Romania, at two local factories with which the firm collaborates.
Tudor Personal Tailor currently has three stores: two in capital city Bucharest and one in Cluj Napoca, northwestern Romania.
In three years of activity, Tudor Personal Tailor has sold over 2,000 suits and its business has gradually grown from sales of RON500,000-RON600,000 in 2010 to over RON3 million in 2012. For 2013, the firm targets sales of around RON6 million.
Tudor Personal Tailor has also started to make shoes on demand, in collaboration with a manufacturer in Brasov, central Romania.
The firm’s rivals mainly are the fashion retailers in shopping malls and the international brands.
Tudor Personal Tailor was founded at the end of 2009 by Marius Dan, alongside two associates. Subsequently, one of the associates withdrew from the business. According to Trade Registry data, Dan owns a 55% stake and Alin Copîndeanu owns the remaining 45%.