Luxury Romanian jewelry brand TEILOR continues European expansion
Romanian-owned luxury jewelry brand TEILOR is opening a new store in Budapest.
Today, TEILOR owns three stores in Hungary and a total of 62 brick-and-mortar shops in five CEE markets.
"For us, Hungary is one of the most important international markets, and the performance of our other stores has encouraged us to expand our presence in this country. We will continue to explore new possibilities to do so, as we plan to open stores outside Budapest as well," stated Willy Dicu, TEILOR CEO.
“With the opening of each new location, our objective is to offer customers a luxury experience. The quality of the products, the advice, and the store architecture are important differentiators through which we have managed to build customer loyalty. This phenomenon was noticed in our stores in Hungary, where there is a high interest in international trends in fashion and jewelry, and customers appreciate our products.”
The new TEILOR store in Budapest is located in the Arena Mall, the biggest shopping mall in the city.
The product portfolio includes a selection of gemstone bracelets, with diamonds, rubies, sapphires, emeralds, and tanzanites, including a Tennis bracelet worth more than EUR 25,000 and a butterfly ring worth more than EUR 10,000.
The opening of the third store in Hungary is part of TEILOR’s targeted international expansion strategy, for which the company has budgeted investments worth EUR 5.5 mln this year.
It is the sixth store opened by TEILOR this year, after having opened three in Romania, in the Colosseum Mall in Bucharest, in Iulius Mall in Iasi, and in the Piatra Neamt Shopping City, and another two in Central Europe - in the Posnania Shopping Center in Poland, and in the Westfield Chodov Shopping Center in the Czech Republic.
By the end of 2022, the TEILOR network will reach 64 stores, including 51 stores in Romania and 13 international stores. In addition to its brick-and-mortar shops, TEILOR currently operates five online platforms: teilor.com, teilor.ro, teilor.hu, teilor.bg and teilor.pl.
As the international store network expands, TEILOR plans on increasing brand awareness in Hungary, Poland, Bulgaria, and the Czech Republic, to expand their customer base.
In 2021, TEILOR registered a turnover of EUR 47 mln, a 65% increase compared to the EUR 28.5 mln recorded in 2020. The brand states that the large increase in sales was driven primarily by a growing demand for high-end jewelry and increased sales of engagement rings.
(Photo source: TEILOR)