eMag online retailer did not achieve its targeted 110 million-euro turnover, posting 74 million euros instead, and allocated too large sums for investments in expansion, but became the largest IT&C retailer in Romania. eMag plans to boost its market share this year, saying that the online store has "overcome the financial critical point and has significant capital available," Radu Apostolescu, co-founder and marketing manager of the retailer, told ZF. eMag's controlling stake was taken over at the beginning of this year by Romanian IT&C distributor Asesoft Distribution, held by Romanian businessmen Sebastian Ghita and Iulian Stanciu.

Apostolescu says eMag is expecting an improvement in its financial results in the second half of the year, although the overall market will decline by 40% for the full year. "We are targeting 66 million-euro sales, i.e. a decline by 10% at the most against last year. In the first half of the year we posted sales worth 25 million euros, down 20% against the same time in 2008. The market fell by 50% in the first half of the year, and for the full year we expect a 40% decline. eMag has boosted its market share on the one hand because of the rise of the online market, and on the other hand because of the expansion of its range of products and its strategic partnerships over the last few months," said the eMag representative.

Source: ZF - 3 September 2009