Teilor, the chain of luxury jewelry stores with a presence in the Central and Eastern European region, opened its first store in the Czechia in July, in the Westfield Chodov shopping center in Prague. With this new opening, Teilor reaches a number of 63 physical stores, being present in five countries in Central and Eastern Europe, according to a company statement.
“Entering the Czech market, by opening this store in Prague, marks a new milestone in Teilor’s development process. Expanding into a new market is always a challenge for companies, but for us, previous successful experiences in Poland, Hungary and Bulgaria make us extremely confident about our evolution in the Czechia. Based on the market research done in this country, we saw a significant growth opportunity in the luxury jewelry segment in which we operate. We expect that in the Czechia, the Teilor brand will strengthen and reach maturity in the coming years, including by opening other stores that we have in mind in this market,” said Willy Dicu, CEO of Teilor.
The new Teilor store in Prague has an area of 61 square meters and is managed by four employees. The product portfolio includes a Tennis bracelet worth 36,205 euros and a tanzanite ring worth 25,000 euros.
The opening of the store in the Czechia is part of the international expansion process targeted by Teilor, for which the company has budgeted investments worth 27 million lei this year. This is the fifth store opened by Teilor this year, after the three in Romania – in Colosseum Mall in Bucharest, Iulius Mall in Iasi and Piatra Neamț Shopping City – and the one in Poland – in the Posnania shopping center in Poznan. In the second half of this year, the company aims to open three more new stores, two of which are in Poland and one in Hungary.
Locations, where Teilor will open stores in 2022, include shopping centers in Poland, Stary Browar in Poznan, Wroclavia in Wroclaw, as well as the Arena shopping center in Budapest, Hungary. As the international store network expands, Teilor’s activity in the coming months will focus on increasing brand awareness in Poland, Hungary, Bulgaria and the Czechia, 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, of which 53 stores in Romania and 13 international stores, in Poland, Hungary, Bulgaria and the Czechia. In addition to physical stores, Teilor currently operates five online platforms – teilor.com, teilor.ro, teilor.hu, teilor.bg and teilor.pl.
In 2021, Teilor recorded a turnover of 231.5 million lei, up 65% compared to a turnover of 140.4 million lei recorded in 2020. The increase in sales was mainly determined by an increasing demand for high-quality jewelry and increased sales in the engagement ring category. Historically, Teilor has generated more than a quarter of its annual sales between July and September, as a result of the increase in marriage proposals during the summer.