TEILOR, the chain of luxury jewelry stores present across the Central and Eastern Europe region, inaugurates its first store in the Czech Republic, in the Westfield Chodov shopping center in Prague. With this new opening, TEILOR reaches a total of 63 brick-and-mortar stores, with a presence in five CEE markets.
“Entering the Czech market through opening the store in Prague marks a new milestone in TEILOR’s development process. Expanding into a new market is always a challenge. Still, previous experiences in Poland, Hungary, and Bulgaria make us extremely confident about our development in Czechia. Based on our market research in this country, we saw a significant growth opportunity in the luxury jewelry segment in which we operate. We expect the TEILOR brand to strengthen and mature in the Czech Republic in the coming years, especially in the context of opening other stores that we are considering for this market,” stated Willy Dicu, CEO of TEILOR.
The new TEILOR store in Prague is 61 square meters and is managed by four employees. The product portfolio includes a diverse offering, such as a Tennis bracelet worth 36,205 euros and a tanzanite ring worth 25,000 euros.
The opening of the store in the Czech Republic is part of TEILOR’s targeted international expansion strategy, for which the company has budgeted investments worth 27 million lei this year. This is the fifth store inaugurated by TEILOR this year, after opening three stores in Romania – in Colosseum Mall in Bucharest, Iulius Mall in Iasi and Piatra Neamt Shopping City – and the one in Poland – in Posnania shopping center in Poznan. In the second half of this year, the company aims to open three more stores, two in Poland and one in Hungary.
The remaining locations for new openings in 2022 include the shopping centers in Poland, Stary Browar in Poznan, Wroclavia in Wroclaw, and the Arena mall in Budapest, Hungary. As the international store network expands, TEILOR will focus in the coming months on increasing brand awareness in Poland, Hungary, Bulgaria, and the Czech Republic, as well as expanding the customer base and store traffic through dedicated campaigns.
By the end of 2022, the TEILOR network will reach 66 stores, including 53 stores in Romania and 13 international stores in Poland, Hungary, Bulgaria, and the Czech Republic. In addition to brick-and-mortar stores, TEILOR currently operates five online platforms – teilor.com, teilor.ro, teilor.hu, teilor.bg and teilor.pl.
In 2021, TEILOR registered a turnover of 231,5 million lei, a 65% increase compared to 140.4 million lei recorded in 2020. The increase in sales was driven primarily by a growing demand for high-end jewelry and increased sales of engagement rings. Historically, TEILOR generated more than a quarter of its annual sales between July and September due to an increase in engagements during the summer period.