Romanian online retailer evoMag holds Black Friday campaign in Hungary, Bulgaria
Romanian online retailer evoMAG is participating in its first-ever Black Friday campaign in Hungary and Bulgaria.
This marks the first time evoMAG organizes such a sales event outside of Romania.
evoMAG acquired the majority stake in Elefant Online, the operator of the online retailer Elefant.ro, this spring. By the number of orders, Elefant.ro is the second player in the market. Currently, the largest online retailer in the country is eMAG (Dante International), with the majority shareholder being the South African group Naspers. The company has over 2 million customers, a marketplace with around 400 companies, and a portfolio of 3 million products.
evoMAG is the largest vendor on the Elefant marketplace and has budgeted investments of EUR 500,000 for 2023, more than double what was allocated in the previous year. The company has announced plans to focus on identifying new sales channels, including those outside of Romania, introducing new products and services to its portfolio, and enhancing product documentation, according to Profit.ro.
Last year, the Catalyst Romania investment fund acquired 25% of the company operating the evoMAG e-commerce platform through a direct transfer of 7.7% of the shares from CEO Mihai Pătrașcu and through a share capital increase and premium emission.
In 2022, evoMAG reported revenues of EUR 36 million, and for this year it anticipates growth of 5% to 10%, in a more challenging market environment characterized by increased competition and various macroeconomic and political challenges. The company's product portfolio reached 150,000 items last year, with plans to increase it by 20% by 2023.
The company’s development strategy includes expanding the range of products and services, continuing the automation process, streamlining logistics operations, and expanding into new sales channels. Employee numbers are also expected to increase by 10%.
This year, Romania's largest online retailer eMAG will hold Black Friday on November 10. The date for Black Friday has consistently moved towards the early part of the month, shifting by 13 days in 11 years. In 2022, eMAG started Black Friday at 7:20 AM and generated sales of over RON 644 million (EUR 129.7 million), RON 35 million more than the 2021 edition, according to HotNews.
(Photo source: Evomag on Facebook)
