The overall turnover of companies operating in the Romanian watch and jewelry market increased by 6% compared to 2022 and by 187% against 2014, up to a record level of 2.8 billion RON in 2023, reads an analysis by KeysFin, based on data from the Ministry of Finance."Despite the slowdown in the growth rate, we estimate the stabilization of the turnover on this market around the 3 billion RON threshold in 2024. In the medium term, the Romanian watch and jewelry market is evolving in three major directions: the growing demand for luxury and personalized pieces, the integration of digital innovations into classic models and the growth of online sales, driven by interactive experiences and augmented reality," said Diana Florescu, KeysFin economic analyst, quoted in the analysis.According to the study, a record number of 1,750 companies were active in the local watch and jewelry market, 8% more than in 2022 and 39% above the level in 2014. By sub-segments, 30% of these declared jewelry production as their main field of activity to the Ministry of Finance, but they generated only 11% of the turnover and 10% of the market's net result in 2023.B&B Collection (a company running 100% on local capital that manages, in addition to its own brand, Splend'or, Kultho and Be in time) remains the market leader after the largest annual nominal advance of 60 million RON and the second annual percentage increase in the top 5 of 11.5%, to almost 583 million RON in 2023.Teilor (a company that is indirectly owned by Romanian shareholders through Teilor Holding) remains in the second position, with a turnover of almost 266 million RON in 2023, followed by Pandora Jewelry Romania, a company running 100% on Polish capital, which in 2023 surpassed Chronolink (a company with Cypriot shareholding, official Rolex and Tudor distributor) and Irinik (owner of the Sabrini brand) with 87 million, 84 million and 77 million RON respectively in 2023.The five largest companies in the industry have accumulated business of over one billion RON, representing 39% of the total."The net result recorded by companies in the local watch and jewelry market decreased from the record level of 249 million RON in 2022, by 5% to 236 million RON in 2023. The net result remains 6 times higher in 2023 compared to 2014," the analysis shows.With a portfolio of over 700 clients, local and multinational companies, KeysFin is one of the most important providers of business information solutions in Romania. KeysFin also owns the KeysFinder application, through which users can easily and quickly access financial statements, indicators and legal information from over 5 million economic entities in Romania, directly from their mobile phone.
The gross income of employees who worked full-time under a labour contract and were paid for the entire month of October 2024 was RON 8,374, more than a quarter above the basic gross salary of RON 6,553, according to data from the National Institute of Statistics (INS) published on Friday.Around 40% of these employees earned […]
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Banca Comerciala Romana (BCR) listed on Friday a new bond issue on the Regulated Market of the Bucharest Stock Exchange (BVB), worth 1.12 billion RON, the BVB said in a release.This is the 11th bond issue listed by BCR on the Stock Exchange to date, bringing the total value of BCR's listed bonds close to […]
Romania's insurance sector is strengthening its performance against the backdrop of a dynamic market undergoing significant structural transformation, according to a new study on developments in the insurance markets of Central and Eastern Europe, conducted by a consultancy firm in partnership with a research provider."Romania stands out as one of the most dynamic insurance […]
The minimum turnover tax is a barrier to investment, and in a period when the private sector is undergoing restructuring and layoffs, it adds additional pressure on companies, according to a letter signed by 14 investor organizations that once again request the elimination of the minimum tax."In view of the discussions on the construction […]
