Flanco
 | |
| Company type | Private |
|---|---|
| Founded | 1994 |
| Headquarters | Bucharest, Romania |
| Website | www.flanco.ro |
Flanco is a Romanian consumer electronics retailer. It has a workforce of over 1,500 people, operating more than 150 stores in over 110 cities in Romania as of 2019.[1]
History
The company was founded by Florin Andronescu (Flanco is an acronym of Florin Andronescu Company) and the first store opened in 1994.[2] Flanco introduced monthly payments on its purchase by customers in 1994, which allowed it to grow rapidly,[2] and it became the first Romanian electronics and home appliances retail chain.[3] In 1996, Oresa Ventures and the Danube Fund invested in the company, later Oresa purchased the majority shareholding for 1 million.[2][3] By 1999, the company has 50 stores,[2] and 75 by 2009. When Flanco was taken over by Flamingo in 2006, it was valued at 70 million euros.[2]
After years of growth, economic downturn impacted on its business, which led to insolvency by the end of 2009 and restructuring of the company.[4] A 60% stake of the company was bought by the Asesoft group for 14 million euros in September 2010.[5] The company has been under the sole ownership of Iulian Stanciu since 2012.[6] Its CEO is Dragoş Sârbu.[7] It recorded sales of over a billion lei in 2018.[8]
References
- ^ Dragan, Aurel (13 March 2019). "Flanco Retail recorded sales of over RON 1 billion in 2018". Business Review.
- ^ a b c d e "20 de ani de capitalism - Florin Andronescu: de la perioada in care televizoarele se vindeau din camion si "bancile erau neprietenoase", la cel mai mare exit". Ziarul Financiar.
- ^ a b "Afaceri autohtone pornite de la zero, vândute pe şase zerouri". Capital. 4 June 2008.
- ^ "Cum a ieşit retailerul Flanco din insolvenţă". Adevarul. 30 July 2010.
- ^ "Flanco wants to employ over 150 people this year". Wall-Street. 21 January 2011.
- ^ "Iulian Stanciu holds all the reins in Flanco and Network One Distribution". Business Review. 20 August 2012.
- ^ Goaga, Alex (12 June 2014). "Dragos Sirbu, Flanco: In Flanco invat mult despre calitate. La Altex am invatat mult despre volum". Wall-Street.
- ^ "Flanco has exceeded 1 billion ROL and has increased its profit 4 times in 2018". Financial Intelligence. 13 March 2019.
External links
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