Flanco

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]

Flanco
Private
Founded1994
HeadquartersBucharest, Romania
Websitewww.flanco.ro

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
  1. Dragan, Aurel (13 March 2019). "Flanco Retail recorded sales of over RON 1 billion in 2018". Business Review.
  2. "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.
  3. "Afaceri autohtone pornite de la zero, vândute pe şase zerouri". Capital. 4 June 2008.
  4. "Cum a ieşit retailerul Flanco din insolvenţă". Adevarul. 30 July 2010.
  5. "Flanco wants to employ over 150 people this year". Wall-Street. 21 January 2011.
  6. "Iulian Stanciu holds all the reins in Flanco and Network One Distribution". Business Review. 20 August 2012.
  7. Goaga, Alex (12 June 2014). "Dragos Sirbu, Flanco: In Flanco invat mult despre calitate. La Altex am invatat mult despre volum". Wall-Street.
  8. "Flanco has exceeded 1 billion ROL and has increased its profit 4 times in 2018". Financial Intelligence. 13 March 2019.
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