The Romanian watches and jewellery market reaches a turnover of RON 2.8 billion, a 6% increase from last year, showcasing significant growth since 2014.
The Romanian watches and jewellery market is experiencing significant growth, reaching a record turnover of RON 2.8 billion in 2023. This figure represents a 6% increase from the preceding year, and a remarkable 187% growth when compared to 2014. The data, provided by the Ministry of Finance and analyzed by KeysFin, a top business intelligence firm in Romania, indicates a robust upward trajectory for the industry.
In 2023, the number of active companies in the watches and jewellery sector rose to 1,750, marking a 39% increase since 2014 and an 8% increase from 2022. Notably, while 30% of these firms focus on jewellery manufacturing, they contributed only 11% to the total market turnover and 10% to the net profit for the year.
The competitive landscape of the market features five major players that dominate the financial scene, together generating over 1 billion lei, which accounts for 39% of the total market revenue. B&B Collection SRL, a fully Romanian-owned company managing brands such as Splend’or, Kultho, and Be in Time, maintains its position as the market leader. In 2023, B&B Collection recorded the highest nominal growth in the sector, increasing its turnover by RON 60 million (11.5% year-on-year) to reach RON 583 million.
Following closely, TEILOR SRL, which operates under Teilor Holding SA, achieved the second slot with a turnover of RON 266 million. Pandora Jewelry Romania SRL, a company with 100% Polish capital, advanced to the third position, generating RON 87 million in revenue. This placed it ahead of Chronolink SRL, the official distributor for Rolex and Tudor, which reported a revenue of RON 84 million, and Irinik SRL, owner of the Sabrini brand, with RON 77 million.
Despite the industry’s strong revenue growth, profitability faced some challenges in 2023. The net profit for the sector declined by 5%, falling from RON 249 million in 2022 to RON 236 million this year. Nevertheless, the profitability remains substantial, with the net result for 2023 still six times greater than in 2014, showcasing the enduring strength of the sector.
Market trends reveal a shift towards digital innovation and a burgeoning demand for luxury items. Industry experts point to a rising consumer interest in premium and customized jewellery, as well as an uptick in digitalization within the sector. High-end brands are increasingly utilizing augmented reality (AR) shopping experiences, enabling customers to virtually try on products before making a purchase. Furthermore, traditional watchmakers are integrating smart technology into their classic models, thereby bridging the traditional craftsmanship with modern convenience. As these trends continue to evolve, the Romanian watches and jewellery market appears poised for further growth and innovation in the coming years.
Source: Noah Wire Services
