TEILOR, the chain of luxury jewelry stores present across the CEE region, posts record sales of 88 million lei in the first six months of 2021, reporting a 116% increase in turnover compared to 2020 and a 46% increase compared to pre-pandemic levels from 2019. For the full year 2021, TEILOR estimates sales of 230 million lei amid the growing appetite of consumers for fine jewelry as well as an increase in the sale of engagement rings in the third quarter of 2021.
“We had a strong first half of the year both in terms of sales on a relative as well as an absolute basis. For 2021, we aim for the best results in our history, fueled by the consolidation of the TEILOR brand on the Romanian market, international expansion, and significant investments in ecommerce. Our ambition is for TEILOR to be the luxury brand of a choice on the Romanian market, and we plan to reach that goal by delivering one-of-a-kind experience to our customers, both in online as well as instore. Consequently, before the yearend, we plan to introduce new exclusive designs, build unique digital experience, and launch new store locations across the region,” said Willy Dicu, CEO at TEILOR.
The first half of 2021 saw a significant uptake in the sales across all product categories offered by TEILOR, specialized exclusively in gold jewelry, diamonds, and authentic gemstones. The increases were driven primarily by a 129% surge in demand for diamond jewelry compared to the same period of last year. The biggest demand was registered for engagement rings as well as high-end diamond-encrusted necklaces, earrings, and bracelets. The sales of gold jewelry noted an increase of 85% compared to the same period of last year, led by the sales of wedding bands. Likewise, gold bars registered a staggering increase in demand of 399% compared to the same period of last year.
The first half of 2021 brought significant increases for the international stores of TEILOR, as sales in Bulgaria and Poland grew 176%, reaching 1.8 million lei. The company has four stores abroad – three in Sofia, Bulgaria and one in Warsaw, Poland, and plans to further accelerate international expansion by entering the Hungarian market in the second half of 2021.
For full year 2021, TEILOR targets 230 million lei in sales of fine jewelry, a 64% increase compared to turnover of 140.4 million lei registered in 2020. The increase in sales will be driven primarily by a growing demand for high-end jewelry and an increase in the sale of engagement rings compared to 2020. Historically, TEILOR generated more than a quarter of its annual sales between July and September due to an uptake in engagements during the summer period.
TEILOR is the largest fine jewelry chain in Romania with 54 brick-and-mortar stores, out of which six stores are TEILOR Exclusive, offering clients limited series of handmade and carefully selected jewelry inlaid with diamonds and precious stones. TEILOR currently operates four e-commerce platforms – teilor.com, teilor.ro, teilor.bg and teilor.pl. The company was established in 1998 by entrepreneur Florin Enache and it currently has over 400 employees across the three markets.