The first fashion store opened in Romania after the Revolution of 1989 will close in May, marking the end of an era in fashion retail.
Stefanel, the first foreign brand to bet on Romania in the early '90s, will close its Calea Victoriei store in May. The store was opened in 1991 following a 20-year rental contract signed with Universal, currently indirectly controlled by businessmen Puiu Popoviciu and Radu Dimofte.
When Stefanel entered the Romanian market, no other foreign fashion brand had even gathered the courage to look at Romania. It took 15 or 20 years for names such as Zara and H&M to enter the Romanian market. The latest one to arrive on the market, Swedish brand H&M, which came here twenty years after Stefanel, marks the beginning of a new era. Whereas in '91 Stefanel became the symbol of Romanian capitalism, in 2011 H&M marks the beginning of the era of cheap clothing, high sales volumes and mall supremacy.
"The store where the Stefanel brand operates will be closed in May 2010 as a result of the company no longer being entitled to use the building located in Bucharest, 81-83 Calea Victoriei Avenue, sector 1." Universal SA has sealed a rental contract for this space as of June 2011," said representatives of Universal, the owner of the space, who did not, however, provide details on the new tenant. According to market sources, Stefanel will be replaced by British luxury retailer Burberry, which will be operated under a franchise agreement by Global Eye investment fund. Stefanel representatives confirm the closing of the store and announce its relocation, but do not provide details as to where the new store will be located.
The first fashion store opened in Romania after the Revolution of 1989 will close in May, marking the end of an era in fashion retail.
Stefanel, the first foreign brand to bet on Romania in the early '9
