EMPORIO ARMANI opens in Bucharest (Romania)
The EMPORIO ARMANI mono brand store in Bucharest is set to open early November 2010. The store covers a surface of 280 sqm and is situated on leading highstreet Calea Victoriei. The Emporio Armani store will be operated under franchise agreement by local luxury retailer Alsa Group which also operates the Ermenegildo Zegna and Max Mara franchises on the Romanian market. The newly opened store will not include the Emporio Armani Cafe.
Other luxury brands with mono brand shops in Bucharest are: Louis Vuitton, Canali, Ermenegildo Zegna, Hugo Boss, Paul & Shark, Moschino. In a recent analysis of the Eastern European market, luxury industry consultancy CPP revealed that Romania’s luxury market is unlikely to recover this year it had initially estimated, due to the general state of the Romanian economy which remains affected by the international crisis. Sales in the apparel and accessories sectors of the Romanian luxury market dropped by up to 30% in 2010 compared with the previous year. CPP estimates a gradual recovery for mid next year. However, brands such as Emporio Armani are likely to have a satisfactory performance given their lower price point than most other top luxury brands, being considered as ”democratic luxury”.