Jiri Rizek, the former manager of the electronics, home appliances and IT retail company Dixons / Electroworld that is based in the Czech Republic, will become the general retail manager of Flamingo International as of August.
Jiri Rizek has a 16-year record of management expertise, 12 years of which were spent with Philips and JVC, and the last four with Dixons, one of the leading European electronics, home appliances and IT retail groups, reads a release of Flamingo International sent to the Bucharest Stock Exchange.
Flamingo became the sole partner in Flanco International in mid May, with the total value of the transaction standing at approximately 38 million euros. After the acquisition, Flamingo's net equity capitals amounted to 56 million euros.
"The strategy of the group focuses on the fast-paced development of the retail sector in Romania through new large store concepts. These stores have already achieved success in the specific retail sector in the Western European countries and have had a good start in Central and Eastern European countries like the Czech Republic, Poland and Hungary. We believe this is the right time for such a development in Romania, too," stated Flamingo group chairman Dragos Cinca.
Flanco's chief executive, Cornel Marian, told a news conference yesterday that Flamingo wanted to secure a net sales area of more than 60,000 square metres over the next three years, compared with the approximately 36,000 square metres at the moment.
The large stores will be located in Bucharest and other major cities.
Flamingo International posted an 84 million euro turnover last year. Forecasts for this year point to 160 million euros, Flanco results inclusive. Flamingo concluded 2005 with two million euro profit, while Flanco ended with a two million euro loss.
Flamingo officials say the company wants to boost the share of the sales of IT&C products of the total sales in the Flanco network, from 10% at present to 25% by the end of 2007.
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