Romanian company Elefant Online, which owns local online retailer elefant.ro, recorded a turnover of EUR 17.1 million last year, up 60% compared to the previous year.

The company’s net losses rose last year to EUR 2.1 million from EUR 1.4 million in 2014, according to data from the Ministry of Finance. The average number of employees increased by 10 last year reaching 145 people.

Elefant.ro, which started as a book retailer, has developed its business in recent years adding IT&C equipment, watches, perfumes, fashion, and other product categories in its offer.

Investment fund Fribourg Investments controls the retailer. The fund is owned by Ion Sturza, former PM of the Republic of Moldova.

In 2014, the retailer saw a turnover of EUR 10.7 million, 68% higher compared to 2013.

editor@romania-insider.com