"We want to replicate the eMag scenario with Flanco," said
Iulian Stanciu, co-owner of the Asesoft group after the
announcement that it had taken over the insolvent home appliances
store chain.
In short, this would amount to a rapid return to growth for the
retailer's annual sales, after they fell by 60% in 2009, sealing
partnerships with new suppliers and a return to profit in order to
cover previous losses.
Home appliances and electronics retail is the only retail segment
that has been consolidated during the crisis through the moves of
local entrepreneurs, not of multinationals.
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Whilst in food and
fashion retail, the "sharks" have so far been foreign store chains
that swallowed businesses built by local investors, in home
appliances and IT retail, the entrepreneur model still dominates
the ranking.
Sebastian Ghita and Iulian Stanciu, two young entrepreneurs who
went into business around 10 years ago through collaborations with
the state, are the most active entrepreneurs in retail in this time
of crisis.
They acquired the majority stake in eMag retailer in 2009, took
over the distribution division of the Flamingo group, Flanco's
former owner in the same year, and have recently announced the
takeover of 60% in insolvent store chain Flanco.
"In 2011 we will reach half a billion euros in turnover. After
Flanco's takeover we are the biggest buyer on the market, which
allows us to have lower shelf prices," said Stanciu, going over the
advantages of buying the insolvent chain. He added that there were
no plans for a merger of the three major companies in the group -
Asesoft Distribution, eMag, and Flanco.
27.09.2010. 00:00
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