House of Art invests 5m euros in brand development

Staff Collection, the operator of the House of Art store network, will invest up to 5 million euros in brand development and territorial expansion. “Staff Collection’s strategy this year is to expand its network by another 40 stores, with the investments in brand development and new commercial spaces,” said Oliviera Mihet, general manager of Staff Collection. After expansion, the company, which is controlled by the Mihet family, will eventually own 100 stores in big cities, compared with 60 at the end of last year. According to company estimates, the expansion strategy will derive revenues worth 84 million RON (22 million euros, calculated based on the current NBR exchange rate), up to 20% more against last year’s 70 million RON (21 million euros). “Among the factors that contributed to our turnover was the development of the company’s own store network, as well as the diversification of our ready-to-wear clothing range,” added Mihet. Most House of Art stores are located in malls and department stores, but the company is also interested in central intersections, which accommodate the best commercial areas.