Romanian luxury watches and jewellery retailer CELLINI continues restructuring

Romanian luxury watches and jewellery retailer CELLINI continues its strategy to close further retail locations in 2011. From 19 stores in 2009, the company now operates 14 stores, of which 9 in the capital city of Bucharest. The brand mix includes: Tissot, Rado, Omega, Longines, Breitling, Brequet, Blancpain, Bell & Ross, Faberge, Mauboussin, Vertu etc. One prominent Cellini store location in Timisoara, the wealthiest city outside the capital of Bucharest was taken over last year by rival B&B Collection.

The two principal shareholders of Cellini also own watch import and distribution company Chronotime (importer of Tissot, Longines etc) as well Sodo Migliori Romania srl, the company which is the franchisee of GUCCI in Romania (monobrand store which was opened in Bucharest late December 2010) and franchisee of PAUL & SHARK, busness which was acquired from AAV in 2008. The investment in the newly opened GUCCI store on the groundfloor of Athenee Palace Hilton in Bucharest is estimated at EUR 1 million, excluding actual stock of merchandise.