TEILOR, the chain of luxury jewelry stores present across the CEE region, targets investments of 27 million lei in 2022 as the company continues its international expansion across Europe. The capital will be deployed in inauguration of new locations, upgrades to the existing stores as well as further investments in the omnichannel customer experience.
“First half of 2022 for TEILOR means continuous investments in the development of our network, human capital, further deployment of capital into digital assets and, finally, brand recognition, especially on foreign markets. We expect these investments, which build up on a strategy initiated in 2021, will start generating effects as of 2023. On the foreign markets, in Poland, Bulgaria, Hungary, and soon in the Czech Republic, we continue to build brand awareness through glocal campaigns. As a result, we see that our concept of everyday luxury lifestyle is gaining traction abroad, translating into a growing customer base. As we continue our fully-fledged international expansion, we estimate to reach operational breakeven on the Bulgarian market in the third quarter of this year, one year ahead of our estimates, thus validating our business development plan for which we raised capital from BVB investors,” said Willy Dicu, CEO at TEILOR.
Since the beginning of the year, TEILOR inaugurated three new stores in Romania – in Colosseum Mall in Bucharest, Iulius Mall in Iasi and Piatra Neamt Shopping City, as well as opened the fourth store in Poland – in Posnania mall in Poznan. For the rest of the year, TEILOR targets five additional stores, of which three more in Poland, one in Hungary and one store in the Czech Republic.
In August 2022, TEILOR will inaugurate its flagship store in Prague, in Westfield Chodov mall. Other locations where TEILOR will open stores in 2022 include Stary Browar mall in Poznan, Wroclavia mall in Wroclaw, Silesia City Center in Katowice, Poland, and Arena mall in Budapest, Hungary. As the network of international stores expands, the focus of TEILOR in the coming months will be on growing the brand awareness and brand recognition in Poland, Hungary, Bulgaria, and the Czech Republic, increasing the customer base and the traffic to the stores through targeted campaigns.
In 2021, TEILOR registered a turnover of 231,5 million lei, a 65% increase compared to a turnover of 140.4 million lei recorded in 2020. The increase in sales was driven primarily by a growing demand for high-end jewelry and increased sales of engagement rings. Historically, TEILOR generated more than a quarter of its annual sales between July and September due to an uptake in engagements during the summer period. This year, this trend is expected to continue amid the lift of the COVID-19 restrictions, allowing for weddings with no limits on the number of guests.
By the end of 2022, the TEILOR network will reach 62 stores, of which 47 stores in Romania, and 15 international stores, in Poland, Hungary, Bulgaria, and the Czech Republic. Besides the brick-and-mortar stores, TEILOR currently operates five e-commerce platforms – teilor.com, teilor.ro, teilor.hu, teilor.bg and teilor.pl.
TEILOR is an international chain of luxury jewelry stores with 24 years tradition. Present in Romania, Poland, Hungary and Bulgaria, TEILOR has 60 brick-and-mortar stores and a strong online presence through its e-commerce platforms teilor.com, teilor.ro, teilor.pl, teilor.hu and teilor.bg. TEILOR’s collections include gold jewelry as well as unique jewelry inlaid with diamonds and precious stores tailored to customers’ desires.