Romanian jewelry and accessories retailer Meli Melo Paris has expanded its business to neighboring Bulgaria by opening a store in Sofia, following a EUR 100,000 investment, the company has announced. This year Meli Melo Paris wants to open a second store in Bulgaria and a first outlet in Moscow Russia. On the medium run, three stores will be opened in Russia. Over the next three to five years, the accessories retailer also plans to expand to Poland and Ukraine.
The store in Bulgaria was opened at the end of March in Mall of Sofia and the company says it chose to expand there because Bulgarians have a similar consumer behavior to Romanians.
The 100,000 investment, which includes the initial merchandise stock, will be recovered in the first year of activity, the company estimates. During the first year of activity total sales are expected to amount to EUR 350,000.
Meli Melo opened its first store outside Romania in 2007, in Chisinau, the Republic of Moldova. Locally, the company owns a network of 41 outlets. Three more should be inaugurated this year.
Meli Melo Paris has increased its sales by 10 percent in 2012 y-o-y, to a total of EUR 8.25 million, the company has announced. The growth was mainly generated by the opening of new stores.
The company runs a network of 41 stores countrywide which report some 3,500 – 4,000 visitors each month on average.
Romanians go shopping for jewelry and accessories weekly and spend RON 55 (approximately EUR 12.5) for jewelry and accessories (average purchase), the retailer says. The most popular sold items are bags, fantasy jewelry, hair accessories and other items on sale.
The highest sales are reported during summer months, before the winter holidays but also in March, when Women’s Day is celebrated.
The company was set up in 1998 and has French owners.