Millenium Gold Resources, a company controlled by investor Ion Sturza, Olif and Catalyst Romania will increase the social capital of Elefant Online through a cash contribution of RON 9.18 million (EUR 2 million), reports local Profit.ro.

Elefant Online manages the online retailer Elefant.ro, and currently has a social capital of RON 40.83 million (EUR 9 million).

The company will issue some 91,830 new shares with a nominal value of RON 100 (EUR 22.2). The shares will be subscribed by Cyprus-based Millenium Gold Resources Limited (54,868 titles), Netherlands-based Olif (27,990), and Catalyst Romania (8,972 titles).

Retailer Elefant.ro launched as an online bookstore in 2010. Between 2014 and 2016 it expanded its product offer and last year the sales of perfumes and cosmetics exceeded the sales of books. Book sales, which historically ranked first, reached about a third of the EUR 27 million turnover in 2016.

Elefant.ro is the second largest online retailer in the country by the number or orders. The top spot is taken by eMag, controlled by South-African group Naspers.

Romanian online retailer Elefant.ro expects EUR 100 mln sales in two years

editor@romania-insider.com