Clothing Retailer LPP Fashion Invests EUR1.5M To Open 3 New Stores In Bucharest
Polish clothing retailer LPP Fashion will open three new stores in a shopping center in Romania’s capital city Bucharest, following investments estimated at EUR1.5 million, but intends to halt expansion plans afterward because of the economic crisis, the company said Tuesday.
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Clothing Retailer LPP Fashion Invests EUR1.5M To Open 3 New Stores In Bucharest
The three new stores will be located in Bucharest's Cotroceni Park shopping mall.
The fashion retailer currently owns eight stores in Romania in the cities of Bucharest, Bacau and Braila, operated under three brands, namely Reserved, Cropp Town and House.
For 2009, LPP Fashion estimates sales of EUR5.2 million in Romania, up 30% from EUR4 million a year ago.
"If early this year I was more optimistic and I thought we would reach EUR7 million in sales, Romania's market evolution during the crisis has radically changed our expectations," said Alexander Zeciu, the general manager of LPP Fashion Distributor Romania.
According to the latest data, LPP Fashion Distributor Romania is fully owned by Polish LPP SA.
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