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Stefanel store, symbol of capitalism on Calea Victoriei, is closing

Autor: Cristina Roşca

12.04.2011, 23:59 187

The first fashion store opened in Romania after the Revolutionof 1989 will close in May, marking the end of an era in fashionretail.

Stefanel, the first foreign brand to bet on Romania in theearly '90s, will close its Calea Victoriei store in May. The storewas opened in 1991 following a 20-year rental contract signed withUniversal, currently indirectly controlled by businessmen PuiuPopoviciu and Radu Dimofte.

When Stefanel entered the Romanian market, no other foreignfashion brand had even gathered the courage to look at Romania. Ittook 15 or 20 years for names such as Zara and H&M to enter theRomanian market. The latest one to arrive on the market, Swedishbrand H&M, which came here twenty years after Stefanel, marksthe beginning of a new era. Whereas in '91 Stefanel became thesymbol of Romanian capitalism, in 2011 H&M marks the beginningof the era of cheap clothing, high sales volumes and mallsupremacy.

"The store where the Stefanel brand operates will be closed inMay 2010 as a result of the company no longer being entitled to usethe building located in Bucharest, 81-83 Calea Victoriei Avenue,sector 1." Universal SA has sealed a rental contract for this spaceas of June 2011," said representatives of Universal, the owner ofthe space, who did not, however, provide details on the new tenant.According to market sources, Stefanel will be replaced by Britishluxury retailer Burberry, which will be operated under a franchiseagreement by Global Eye investment fund. Stefanel representativesconfirm the closing of the store and announce its relocation, butdo not provide details as to where the new store will belocated.

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