Romanian IT&C retailer Flanco aims to launch this year its own product brand, which could reach 10-15 percent of the turnover in the next three years, RON 10 million (EUR 2.26 million) investment in four new stores, in technology and employees, and a 12 percent increase in sales.
“Our own brand is still under construction. We want to develop a brand at better prices than what there is now on the market. There will be cheaper, quality products, but not very cheap. In June we will populate the stores with our new brand. We want to enter with our own brand including the telecom area,” said Dragos Sirbu, CEO Flanco Retail without revealing the name of the brand, according to Mediafax.
He showed that the products will be manufactured through collaborations with producers in China and Turkey and estimates that they will eventually hold 10-15 percent of the company’s turnover over the next three years.
Flanco Retail registered last year an 8 percent increase in turnover compared to the previous year amounting to RON 665 million (EUR 150 million), and a 61 percent increase in net profit to RON 2.2 million.
Flanco will hire 80 people this year, after last year the company reached 1,100 employees after having employed 200 new persons.