Interbrands bets on development in 2009

Rand Sherif, CEO of Interbrands, the largest distribution company in Romania, is thinking only about development for 2009, in order to gain in terms of volume what he will lose in terms of market value, writes BUSINESS Magazin weekly. The market is actually helpful in this pursuit: “We are receiving more offers than in the past. If a company is working with small, local players, one of its main concerns is whether their business is stable or not, which is why it is normal for it to be interested in working with a larger, more solid distributor,” Sherif says. The company, which ranks among the top ten privately-held companies on the Romanian market, is the only business in its sector to have exceeded the 1 billion-euro sales mark, far ahead of the second largest distributor on the market, Top Brands Distribution, with over 300 million euros in turnover. Rand Sherif says he is looking at this year with cautious optimism, adding that 2008 was a good year for Interbrands after all, with the company growing by 23% in RON. Interbrands reported 12% higher sales last year compared with 2007 – reaching 1.17 billion euros – but its operating profit halved to around 4 million euros.