"We want to replicate the eMag scenario with Flanco," saidIulian Stanciu, co-owner of the Asesoft group after theannouncement that it had taken over the insolvent home appliancesstore chain.
In short, this would amount to a rapid return to growth for theretailer's annual sales, after they fell by 60% in 2009, sealingpartnerships with new suppliers and a return to profit in order tocover previous losses.
Home appliances and electronics retail is the only retail segmentthat has been consolidated during the crisis through the moves oflocal entrepreneurs, not of multinationals. Whilst in food andfashion retail, the "sharks" have so far been foreign store chainsthat swallowed businesses built by local investors, in homeappliances and IT retail, the entrepreneur model still dominatesthe ranking.
Sebastian Ghiţă and Iulian Stanciu, two young entrepreneurs whowent into business around 10 years ago through collaborations withthe state, are the most active entrepreneurs in retail in this timeof crisis.
They acquired the majority stake in eMag retailer in 2009, tookover the distribution division of the Flamingo group, Flanco'sformer owner in the same year, and have recently announced thetakeover of 60% in insolvent store chain Flanco.
"In 2011 we will reach half a billion euros in turnover. AfterFlanco's takeover we are the biggest buyer on the market, whichallows us to have lower shelf prices," said Stanciu, going over theadvantages of buying the insolvent chain. He added that there wereno plans for a merger of the three major companies in the group -Asesoft Distribution, eMag, and Flanco.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
