The network currently numbers 14 physical stores and an online store. Four stores are located in Bucharest, three in Pitesti – the hometown of the business, two in Craiova and one in other big cities like Iasi and Sibiu each. Romania has nine cities with a population of more than 200,000, which means Teilor jewelry store chain founded in 1999 still has room for growth.
“We do not base our expansion on the demand on the market alone. We believe we can create demand (…) We want to have five or six stores in Bucharest and two in each of the big cities of more than 200,000 people in two years,” the company officials say.
They will then focus on cities with a population of 100,000 to 200,000 people.
The company opened three stores in Bucharest, in AFI Palace Cotroceni, Mega Mall and Promenada and one in Brasov in Coresi Shopping Resort and in Iasi in Palas Mall in the first half of 2015.
“We will enter two new cities in the second half, Cluj (Iulius Mall) and Ploiesti (Shopping City Ploiesti). Early in 2016 we will open stores in two more cities, Constanta (City Park) and Timisoara (Shopping City Timisoara).”
Florin Enache, the businessman behind Teilor, started developing it soon after graduating from college. His trips abroad and to the most important jewelry fairs in the world made him decide to build a jewelry brand of his own in Romania. The first store opened in Baneasa Shopping City in Bucharest in 2013, almost fifteen years after the store opened in Pitesti.
All products available in Teilor stores are made by specialist jewelry houses, as the company does not have its own manufacturing facility.
The company expects revenue to amount to more than 30 million lei (EUR6.8 million) this year, driven by the expansion and the rise in sales in the already existing stores. The operator of the stores, Credit Gold G&F 2003 posted RON20.5 million revenue in 2014, up 49% on 2013, while net profit stood at RON0.3 million, down 27% on the previous year, according to Finance Ministry data.
Teilor’s competition consists of both large chains like Cellini and B&B and small local businesses.
(English version by Loredana Fratila-Cristescu)