Altex, the biggest retailer of electronics and electrical home appliances on the Romanian market, has recruited a new financial officer from one of the tobacco industry's main players, JTI Romania. For Alina Bulgariu - Altex's new CFO, the size of her new employer is not that different, with both companies deriving similar turnovers.
However, Bulgariu believes in home appliances retail, and also for the entire FMCG market, consumers are the ones who dictate the rules of expansion. "Altex is a lot different from JTI Romania, primarily because it's a company that sells directly to consumers. This is direct retail, a sector that has its intricacies," she explains.
Alina Bulgariu (age 37), worked in the financial department of Coca-Cola HBC Romania before she joined JTI Romania, where she reached the position of CFO.
At Altex, one of her tasks will be to continue to secure financing sources for the retailer's development, which expanded its retail area by 20,000 square metres this year, to almost 100,000 square metres.
"The market is not saturated and there's still room for consolidation, an opportunity that is narrowing. The company is growing and set to reach sales worth 300m euros, so strengthening its position is very important," stated Bulgariu.
After a market rebound, the retailer is now expanding, with its total value nearing 1bn euros, while new players such as Teknosa and Tehnomarket, have already announced ambitious expansion plans.
"I want the financial department to maintain the company's growth target," says Bulgariu, mentioning that, for the time being, she will continue the plan set earlier this year, which was handed to her, last month, by her predecessor, Mihaela Mitescu.
Next year is expected to bring tighter competition for the top position on the market.
"This is why the role of the financial department is extremely important.
"As at any company, our department must primarily provide the necessary information for strategic decisions," says Bulgariu.
The company's expansion both nationally and internationally could prompt the overall expansion of departments and particularly the financial department.
In 2008, Altex will launch its regional expansion plan and open its first stores in Bulgaria.
With regard to the direction of market development, Altex's CFO anticipates an increase on the segment of high-quality products and established brands, in line with the developments of Western markets.
"Many residential complexes are being developed, while Romanians enjoy having high-quality goods in their homes, which means customers will buy goods with an above-average value," believes Altex's new CFO.
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