The number of high-end customers fell significantly last year, according to a report released by CPP Management Consultants at this year’s Business of Luxury Forum. In 2009 10,000 Romanians enjoyed an income greater than EUR 1 million per year, compared to 13,000 in 2008. Out of this number, over 500 people made more than EUR 10 million per year and 100 people in excess of EUR 100 million.
According to the report, most brands available in franchise systems in Romania saw falls of up to 20 percent in 2009. Louis Vuitton was the best performing luxury brand on the Romanian market with an estimated turnover of EUR 3.1 million in 2009, then Ermenegildo Zegna (EUR 2.4 million), Canali (EUR 1.9 million), Max Mara (EUR 1.5 million) and Hugo Boss (EUR 1.1 million). In spite of the decline, CPP predicts that the Romanian luxury market, the second largest in Eastern Europe after Poland, will see a slight recovery this year.