Romanian e-commerce retailer evoMAG said it ended 2023 with sales of EUR 42 million, an increase of about 20% compared to 2022. For this year, the company estimates a business growth of between 10% and 20%, depending on the development of the corporate segment and sales to public institutions. Last year, evoMAG recorded the highest sales in established product categories, namely mobile phones, laptops, components, and appliances. “Last year, we focused on what we do best - selling products in categories where we have the most experience. Additionally, we succeeded in strengthening a robust corporate sales department and continued to open new sales channels through partnerships with several marketplaces, both in Romania and abroad,” said Mihai Patrascu, CEO of evoMAG. In 2024, the retailer plans to further develop the corporate segment and sales to companies. “We also plan to list on other marketplaces in countries like Germany and Greece, but these are still preliminary plans. evoMAG’s focus in 2024 is on optimization and efficiency to offer better promotions and faster delivery to our current customers,” Patrascu explained. The company estimates investments of around EUR 500,000 this year, which is similar to the 2023 budget. Most of the funds will be directed towards improving logistical activities, enhancing delivery speed, and the online store’s backend platform. At the same time, in 2024, evoMAG is accounting for business growth of 10% to 20%, depending on the evolution of the corporate segment and sales to public institutions, as it is also developing a larger, specialized department dedicated to public tenders through SICAP. Plus, the company said it remains open to market consolidation opportunities through acquisitions, targeting online stores with a solid customer base and selling products in complementary niches that align with evoMAG’s existing product offerings. evoMAG is one of the leading companies in the Romanian e-commerce industry, attracting over 60,000 visitors on its platform daily. It was founded by Mihai Patrascu, who continues to hold the position of CEO. In 2022, the company attracted a EUR 2 million investment from Catalyst Romania, one of the most important technology-focused venture capital firms in Romania, to support its accelerated development plans.
The Ministry of Development proposed to the government to analyse the opportunity to develop an investment program dedicated to the economic recovery of small towns with a population of under 25,000 in non-metropolitan areas. The financial support for the development of these towns has been so far fragmented, and competition with large cities for funds proved […]
Prime minister Ilie Bolojan said on November 6 that he hopes that the ruling coalition will manage to legislate by the end of this month the rest of the second package of budgetary measures, namely the public administration streamlining law and the law on magistrates' pensions. Unless the law on the public administration is legislated, […]
Japanese group Makita announced that it will reduce production of power tools in China for the US market due to the unpredictability of US tariffs and move this production to factories in Romania and Thailand, according to Nikkei Asia, as reported by Economica.net. The Japanese group reported business of almost EUR 640 million locally...
The Competition Council has outlined a series of concerns related to the transaction through which the Schwarz group, which operates the Kaufland and Lidl store chains in Romania, intends to take over the La Cocoș stores, according to a press release quoted by
Romania’s flag carrier, Tarom, has requested the government to disburse a new tranche of restructuring state aid approved in 2024 to address the current liquidity deficit, Profit.ro reported. The company argued that, because of late payment penalties...
Retail sales volume contracted by 2.3% q/q in Q3, resulting in a 0.3% y/y decline in Romania (the second negative reading since the Covid-19 pandemic), visibly dragged down by the real wages that contracted by 3.7% y/y in July-August (latest data available) after +2.2% y/y in Q2, +4.6% y/y in Q1 and around 9%-10% y/y […]
