TEILOR, the chain of luxury jewelry stores present across the Central and Eastern Europe region, continues its expansion in Hungary by opening a new store in Budapest. Today, TEILOR owns three stores in Hungary and a total of 62 brick-and-mortar stores in five CEE markets.
“For us, Hungary is currently one of the most important international markets, and the performance of TEILOR stores has encouraged us to expand our presence in this country. The TEILOR brand has been built to allow expansion beyond Romania’s borders, and the products we offer have a broad audience, without any geographical limitation. 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. We will continue to explore new possibilities to expand the TEILOR’s presence, including in Hungary, where we plan to open stores outside Budapest as well,” stated Willy Dicu, CEO of TEILOR.
The new TEILOR store in Budapest is located in the Arena Mall, has an area of 104 square meters, and it is managed by four employees. The product portfolio includes a selection of gemstone bracelets, with diamonds, rubies, sapphires, emeralds, and tanzanites, including a Tennis bracelet worth more than 25,000 euros and a butterfly ring worth more than 10,000 euros.
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 27 million lei this year. The Budapest store is the sixth store opened by TEILOR this year, after the three in Romania – in Colosseum Mall in Bucharest, Iulius Mall in Iasi and Piatra Neamt Shopping City – and another two in the Central Europe – in Poland, in the Posnania shopping center in Poznan and the Czech Republic, in the Westfield Chodov shopping center in Prague. As the international store network expands, TEILOR will focus in the coming period on increasing brand awareness in Poland, Hungary, Bulgaria, and the Czech Republic, as well as expanding the customer base and store traffic through dedicated campaigns.
By the end of 2022, the TEILOR network will reach 64 stores, including 51 stores in Romania and 13 international stores in Poland, Hungary, Bulgaria, and the Czech Republic. In addition to brick-and-mortar stores, TEILOR currently operates five online platforms – teilor.com, teilor.ro, teilor.hu, teilor.bg and teilor.pl.
In 2021, TEILOR registered a turnover of 231,5 million lei, a 65% increase compared to 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 increase in engagements during the summer period.