Mircea Varga is appointed the Chairman of the Board of Directors at TEILOR Holding

TEILOR Holding SA, a group of companies that includes the chain of luxury jewellery stores, TEILOR, the financial lending company Invest Intermed GF IFN, and Teilor Invest Exchange, announces the appointment of Mircea Varga as Chairman of the Board of Directors.

The Board of Directors of TEILOR Holding consists of three members – Mircea Varga, Florin Enache, the founder of the holding, and Narcis Stan, Executive Director of Invest Intermed GF IFN and Teilor Invest Exchange. The mandates of the three members are until September 14, 2023.

“Ever since Mircea joined the TEILOR team two years ago, he has been a mainstay in developing the group’s business development strategy, a strategy that culminated in raising capital from the investors of the Bucharest Stock Exchange and listing of the corporate bonds on BVB. Mircea’s in-depth business experience and knowledge have already contributed to the transformation of TEILOR Holding from a family business to a group with a regional footprint, in full expansion across Europe. We are delighted that Mircea is taking over the board’s management. We are confident that we will further develop the business at the group level, with TEILOR Holding investors next to us,” stated Florin Enache and Narcis Stan.

Mircea Varga is an executive with over 26 years of professional experience in multinationals and local companies from various industries, such as PwC Romania and Țiriac Group. He has proven expertise in M&A and capital raising, organizational transformation projects, organizational change, and crisis management projects.

Mircea focused on providing companies with specialized advisory services on organizational transformation and increasing profitability in the last two years. Before he was appointed Chairman of the Board of Directors of TEILOR Holding, Mircea was an independent member of the board, being responsible for coordinating the entire process of listing the company’s corporate bonds on the AeRO market of the Bucharest Stock Exchange at the end of last year. As of April 2022, Mircea Varga is also a member of the Board of Directors at Safetech Innovations, a Romanian cybersecurity company listed on BVB’s AeRO market.

“I am honoured by the trust placed in me by my colleagues from the board, and I am convinced that together with them, as well as with the teams of the companies that are part of the holding, we will achieve the objectives set for this year and beyond. TEILOR Holding is at a point of accelerated development, both in Romania and at the European level, due to the capital raised at the end of last year from Bucharest Stock Exchange investors. In the coming years, we aim to increase the business indicators of all the companies in the group by expanding all the business lines and turn TEILOR Holding into a significant player in its activity sectors at the European level,” stated Mircea Varga, Chairman of the Board of Directors of TEILOR Holding.

In 2021, TEILOR Holding recorded a combined turnover of the three entities of the group of 282.7 million lei, a 47% increase compared to 2020, EBITDA of 45.3 million lei, a 10% appreciation compared to 2020, and a net profit of 26.7 million lei, a decrease of 13%. The chain of luxury jewellery stores, TEILOR, recorded a turnover of 231.5 million lei in 2021, a 65% increase compared to 2020, an EBITDA of 33.3 million lei, +46%, and a net profit of 19.8 million lei, up 17% compared to the previous year. The financial lending company, Invest Intermed GF IFN, registered in 2021 a turnover of 46.8 million lei, a 3% increase, and the third entity within the holding, Teilor Invest Exchange, recorded a turnover of 13.5 million lei in 2021, a 38% increase compared to 2020 and a net profit of 4.5 million lei.