Jewellery in Romania

Euromonitor International
August 2020
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LIST OF CONTENTS AND TABLES

Jewellery in Romania - Category Analysis ................................................................................... 1
KEY DATA FINDINGS.................................................................................................................. 1
2020 IMPACT ............................................................................................................................... 1
Consumers prefer lower-priced fine jewellery ........................................................................... 1
Gold benefits from strong popularity ......................................................................................... 1
RECOVERY AND OPPORTUNITIES .......................................................................................... 1
Credit Gold & GF 2003 records an outstanding performance ................................................... 1
Internet retailing is booming due to COVID-19 ......................................................................... 2
CATEGORY DATA ....................................................................................................................... 2
Table 1 Sales of Jewellery by Category: Volume 2015-2020 .................................... 2
Table 2 Sales of Jewellery by Category: Value 2015-2020 ....................................... 2
Table 3 Sales of Jewellery by Category: % Volume Growth 2015-2020 ................... 2
Table 4 Sales of Jewellery by Category: % Value Growth 2015-2020 ...................... 3
Table 5 Sales of Costume Jewellery by Type: % Value 2015-2020 .......................... 3
Table 6 Sales of Fine Jewellery by Type: % Value 2015-2020 ................................. 3
Table 7 Sales of Fine Jewellery by Collection: % Value 2015-2020.......................... 3
Table 8 Sales of Fine Jewellery by Metal: % Value 2015-2020................................. 4
Table 9 NBO Company Shares of Jewellery: % Value 2015-2019............................ 4
Table 10 LBN Brand Shares of Jewellery: % Value 2016-2019 .................................. 4
Table 11 Distribution of Jewellery by Format: % Value 2015-2020 ............................. 5
Table 12 Forecast Sales of Jewellery by Category: Volume 2020-2025 ..................... 6
Table 13 Forecast Sales of Jewellery by Category: Value 2020-2025 ........................ 6
Table 14 Forecast Sales of Jewellery by Category: % Volume Growth 2020-
2025 ............................................................................................................. 6
Table 15 Forecast Sales of Jewellery by Category: % Value Growth 2020-2025 ....... 6
Personal Accessories in Romania - Industry Overview ................................................................ 8
EXECUTIVE SUMMARY .............................................................................................................. 8
COVID-19 impact on personal accessories .............................................................................. 8
COVID-19 country impact ......................................................................................................... 8
Company response................................................................................................................... 9
Retailing shift ............................................................................................................................ 9
What next for personal accessories? ........................................................................................ 9
MARKET DATA .......................................................................................................................... 10
Table 16 Sales of Personal Accessories by Category: Volume 2015-2020 .............. 10
Table 17 Sales of Personal Accessories by Category: Value 2015-2020 ................. 10
Table 18 Sales of Personal Accessories by Category: % Volume Growth 2015-
2020 ........................................................................................................... 10
Table 19 Sales of Personal Accessories by Category: % Value Growth 2015-
2020 ........................................................................................................... 10
Table 20 NBO Company Shares of Personal Accessories: % Value 2015-2019 ...... 11
Table 21 LBN Brand Shares of Personal Accessories: % Value 2016-2019 ............. 11
Table 22 Distribution of Personal Accessories by Format: % Value 2015-2020 ....... 12
Table 23 Forecast Sales of Personal Accessories by Category: Volume 2020-
2025 ........................................................................................................... 13
Table 24 Forecast Sales of Personal Accessories by Category: Value 2020-
2025 ........................................................................................................... 13

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Table 25 Forecast Sales of Personal Accessories by Category: % Volume

Growth 2020-2025 ..................................................................................... 13
Table 26 Forecast Sales of Personal Accessories by Category: % Value
Growth 2020-2025 ..................................................................................... 14
DISCLAIMER ............................................................................................................................. 14
GLOBAL MACROECONOMIC ENVIRONMENT ........................................................................ 14
GLOBAL INDUSTRY ENVIRONMENT ...................................................................................... 15
DEFINITIONS............................................................................................................................. 15
SOURCES.................................................................................................................................. 15
Summary 1 Research Sources ...................................................................................... 15

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JEWELLERY IN ROMANIA -
CATEGORY ANALYSIS
KEY DATA FINDINGS

▪ Fine jewellery is highly affected by the closure of stores during the COVID-19 outbreak in
2020
▪ Jewellery declines 34% in current value terms to RON980 million in 2020
▪ Costume jewellery records the slowest decline of 21% in current value terms in 2020
▪ Credit Gold & GF 2003 SRL leads jewellery with a 13% value share in 2019
▪ Jewellery to record a current value CAGR of 9% (6% CAGR at 2020 constant prices) over the
forecast period to reach RON1.5 billion in 2025

2020 IMPACT

Consumers prefer lower-priced fine jewellery

Unlike 2019, when fine jewellery was characterised by strong demand for high-priced
customised products, in 2020 Romanian consumers were preferring cheaper options of
earrings, bracelets and necklaces. This was due to the negative impact of COVID-19 on the
general economic situation in Romania. A large number of companies were forced to reduce
their workers’ salaries or drastically cut the number of employees, which led to a higher
unemployment rate and falling purchasing power. While a certain group of Romanian
consumers still consider fine jewellery to have strong connotations with high social status, their
budgets for spending on these products have therefore been shrinking during 2020.

Gold benefits from strong popularity

At the end of the review period, gold was the most popular metal in fine jewellery among
Romanians. One of the main reasons for the popularity of this metal was due to the share of the
leading company in the category, local player Credit Gold & GF 2003 with its Teilor brand, which
sells products that are made either from gold or from a combination of gold and gemstones.
Another reason for the popularity of gold is that it is associated by Romanians with high social
status. In this regard, the Romanian consumer will more likely purchase a product that will give
them a feeling of belonging to a higher social class. However, the popularity of gold fine
jewellery could be influenced by the negative effects of COVID-19 on the purchasing power in
Romania as well as the economic crisis that is expected to follow in its wake. As a result,
consumers could be preferring to purchase fine jewellery made using cheaper metals, at least in
the immediate future.

RECOVERY AND OPPORTUNITIES

Credit Gold & GF 2003 records an outstanding performance

Credit Gold & GF 2003, the only local player in fine jewellery, managed to take over the
leading position thanks to its marketing strategy in 2019. Its Teilor brand is especially popular for

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wedding and engagement rings, which were heavily advertised on social media as well as
promoted by well-known local influencers. The company continued to record very strong sales
and share growth in 2019. While Teilor is expected to maintain its leading position over the
forecast period, its performance could be influenced by the economic problems, including rising
unemployment and falling purchasing power, that have followed in the wake of the COVID-19
pandemic.

Internet retailing is booming due to COVID-19

E-commerce was recording very strong sales and share growth in the retail distribution of
jewellery, significantly driven by the lockdown and closure of shops during the March-May
period. For costume jewellery, the consumer quickly adapted to the new habit of online
shopping, also influenced by the large number of online sites selling products like earrings,
bracelets and necklaces at accessible prices. However, consumers are a little more reluctant to
shop for fine jewellery online, as the purchasing decisions for these products can be highly
influenced by the in-store experience. In this regard, even though many fine jewellery players
tried to provide online support for their customers, a good number of consumers decided to
postpone their purchases until they would be able to try the product in the store.

CATEGORY DATA
Table 1 Sales of Jewellery by Category: Volume 2015-2020

'000 units
2015 2016 2017 2018 2019 2020

Jewellery 3,910.3 4,090.8 4,247.9 4,390.9 4,499.2 3,288.2

Costume Jewellery 2,505.8 2,658.4 2,778.8 2,892.9 2,988.3 2,327.2
Fine Jewellery 1,404.5 1,432.4 1,469.2 1,498.0 1,510.9 961.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 2 Sales of Jewellery by Category: Value 2015-2020

RON million
2015 2016 2017 2018 2019 2020

Jewellery 1,302.7 1,329.7 1,377.5 1,429.1 1,485.4 980.0

Costume Jewellery 182.3 190.0 199.6 209.9 221.2 174.7
Fine Jewellery 1,120.4 1,139.8 1,178.0 1,219.2 1,264.2 805.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 3 Sales of Jewellery by Category: % Volume Growth 2015-2020

% volume growth
2019/20 2015-20 CAGR 2015/20 Total

Jewellery -26.9 -3.4 -15.9

Costume Jewellery -22.1 -1.5 -7.1
Fine Jewellery -36.4 -7.3 -31.6

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Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 4 Sales of Jewellery by Category: % Value Growth 2015-2020

% current value growth

2019/20 2015-20 CAGR 2015/20 Total

Jewellery -34.0 -5.5 -24.8

Costume Jewellery -21.0 -0.8 -4.2
Fine Jewellery -36.3 -6.4 -28.1
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 5 Sales of Costume Jewellery by Type: % Value 2015-2020

% retail value rsp

2015 2016 2017 2018 2019 2020

Earrings 34.2 34.6 34.7 34.8 34.9 34.9

Neckwear 28.2 28.5 28.6 28.6 28.8 28.8
Rings 11.4 11.4 11.2 11.2 11.2 11.1
Wristwear 24.4 24.3 24.1 24.3 24.3 24.4
Other 1.7 1.4 1.4 1.2 0.9 0.8
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 6 Sales of Fine Jewellery by Type: % Value 2015-2020

% retail value rsp

2015 2016 2017 2018 2019 2020

Earrings 32.5 33.1 34.0 34.2 34.0 33.9

Neckwear 16.0 15.4 15.1 15.1 14.9 14.9
Rings 38.4 38.1 37.7 37.5 37.8 37.8
Wristwear 13.0 13.0 13.1 13.1 13.3 13.3
Other 0.1 0.3 0.1 0.1 0.1 0.1
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 7 Sales of Fine Jewellery by Collection: % Value 2015-2020

% retail value rsp

2015 2016 2017 2018 2019 2020

Diamond 7.2 8.8 9.3 10.0 11.1 11.8

Non-Diamond 92.8 91.2 90.7 90.0 88.9 88.2
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

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Table 8 Sales of Fine Jewellery by Metal: % Value 2015-2020

% retail value rsp

2015 2016 2017 2018 2019 2020

Gold 44.3 40.2 38.8 37.4 37.4 37.4

Metal Combination 9.3 9.4 9.5 9.6 9.6 9.6
Platinum 7.8 8.4 8.6 8.8 8.9 8.9
Silver 38.2 41.7 43.0 44.0 44.0 44.1
Other 0.5 0.3 0.1 0.2 0.1 0.0
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 9 NBO Company Shares of Jewellery: % Value 2015-2019

% retail value rsp

Company 2015 2016 2017 2018 2019

Credit Gold & GF 2003 SRL 2.8 4.4 6.6 9.8 13.2
Richemont SA, Cie 10.6 10.8 10.9 10.6 10.5
Financière
Pandora Jewelry Romania 0.9 1.5 1.7 1.9 2.2
SRL
Joyería Tous SA 2.4 2.3 2.1 1.8 1.6
Tiffany & Co 1.0 1.1 1.1 1.1 1.1
H&M Hennes & Mauritz SRL 0.6 0.7 0.8 0.9 1.0
Kering SA 1.0 1.0 1.0 0.9 0.9
Zara Bucuresti SRL 0.4 0.5 0.6 0.7 0.8
LVMH Moët Hennessy 0.7 0.7 0.7 0.7 0.7
Louis Vuitton SA
Bijou Brigitte Srl 0.4 0.4 0.5 0.5 0.5
Gamabell Exim Srl 0.2 0.2 0.3 0.4 0.5
Swarovski Romania SRL 0.3 0.3 0.3 0.3 0.3
FF Group Romania SRL 0.3 0.4 0.4 0.2 0.2
Avon Cosmetics Romania 0.2 0.2 0.2 0.2 0.2
SRL
Fossil Group Inc 0.2 0.2 0.2 0.2 0.2
Solmar Trading Grup SRL 0.1 0.1 0.2 0.2 0.2
Monsoon Accessorize Ltd 0.3 0.2 0.1 - -
Rafael & Sons Diamonds 0.0 - - - -
& Jewellery
Bulgari SpA - - - - -
Elmec Romania SRL - - - - -
PPR SA - - - - -
Others 77.5 75.0 72.5 69.5 66.0
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 10 LBN Brand Shares of Jewellery: % Value 2016-2019

% retail value rsp

Brand (GBO) Company (NBO) 2016 2017 2018 2019

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Teilor Credit Gold & GF 2003 SRL 4.4 6.6 9.8 13.2
Cartier Richemont SA, Cie 6.5 6.8 6.7 6.8
Financière
Piaget Richemont SA, Cie 3.0 2.8 2.6 2.4
Financière
Pandora (Pandora A/S) Pandora Jewelry Romania 1.5 1.7 1.9 2.2
SRL
Tous (S Tous SL) Joyería Tous SA 2.3 2.1 1.8 1.6
Chloé Richemont SA, Cie 1.3 1.3 1.3 1.3
Financière
Tiffany & Co Tiffany & Co 1.1 1.1 1.1 1.1
H&M (H&M Hennes & H&M Hennes & Mauritz SRL 0.7 0.8 0.9 1.0
Mauritz AB)
Zara (Inditex, Zara Bucuresti SRL 0.5 0.6 0.7 0.8
Industria de Diseño
Textil SA)
Boucheron Kering SA 0.9 0.9 0.8 0.8
Bijou Brigitte Bijou Brigitte Srl 0.4 0.5 0.5 0.5
(Bijou Brigitte
Modische
Accessoires AG)
Meli Melo Paris Gamabell Exim Srl 0.2 0.3 0.4 0.5
Bvlgari LVMH Moët Hennessy 0.4 0.4 0.4 0.4
Louis Vuitton SA
Swarovski Swarovski Romania SRL 0.3 0.3 0.3 0.3
(Swarovski AG)
Folli Follie (Folli FF Group Romania SRL 0.4 0.4 0.2 0.2
Follie Group)
Avon (Avon Products Avon Cosmetics Romania 0.2 0.2 0.2 0.2
Inc) SRL
Fossil Fossil Group Inc 0.2 0.2 0.2 0.2
Chaumet LVMH Moët Hennessy 0.2 0.2 0.2 0.2
Louis Vuitton SA
Mango (Punto Fa SL Solmar Trading Grup SRL 0.1 0.2 0.2 0.2
(Mango))
Gucci Kering SA 0.1 0.1 0.1 0.1
Accessorize Monsoon Accessorize Ltd 0.2 0.1 - -
Bvlgari Bulgari SpA - - - -
Folli Follie (Folli Elmec Romania SRL - - - -
Follie Group)
Boucheron PPR SA - - - -
Rafael & Sons Rafael & Sons Diamonds - - - -
& Jewellery
Others Others 75.1 72.6 69.6 66.1
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 11 Distribution of Jewellery by Format: % Value 2015-2020

% retail value rsp

2015 2016 2017 2018 2019 2020

Store-Based Retailing 96.7 96.1 95.3 94.6 93.5 75.5

- Grocery Retailers 0.7 0.5 0.3 0.3 0.2 0.1
-- Modern Grocery 0.7 0.5 0.3 0.3 0.2 0.1
Retailers
--- Hypermarkets 0.7 0.5 0.3 0.3 0.2 0.1
- Non-Grocery Specialists 95.6 95.3 94.8 94.1 93.1 75.1

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-- Apparel and Footwear 4.7 4.9 5.1 5.2 5.4 5.1

Specialist Retailers
-- Leisure and Personal 90.9 90.4 89.7 88.9 87.8 70.0
Goods Specialist
Retailers
- Mixed Retailers 0.4 0.3 0.3 0.2 0.2 0.2
-- Variety Stores 0.4 0.3 0.3 0.2 0.2 0.2
Non-Store Retailing 3.3 3.9 4.7 5.4 6.5 24.5
- Direct Selling 0.2 0.2 0.2 0.2 0.3 0.3
- Homeshopping 0.0 0.0 0.0 - - -
- E-Commerce 3.1 3.6 4.4 5.2 6.2 24.2
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 12 Forecast Sales of Jewellery by Category: Volume 2020-2025

'000 units
2020 2021 2022 2023 2024 2025

Jewellery 3,288.2 3,641.7 3,803.6 3,926.0 4,033.7 4,105.8

Costume Jewellery 2,327.2 2,510.9 2,599.7 2,680.7 2,749.9 2,791.8
Fine Jewellery 961.0 1,130.8 1,203.9 1,245.4 1,283.9 1,314.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 13 Forecast Sales of Jewellery by Category: Value 2020-2025

RON million
2020 2021 2022 2023 2024 2025

Jewellery 980.0 1,115.1 1,183.0 1,226.9 1,266.0 1,296.8

Costume Jewellery 174.7 185.9 192.1 198.2 202.6 205.1
Fine Jewellery 805.3 929.2 991.0 1,028.7 1,063.4 1,091.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 14 Forecast Sales of Jewellery by Category: % Volume Growth 2020-2025

% volume growth
2020/21 2020-25 CAGR 2020/25 Total

Jewellery 10.7 4.5 24.9

Costume Jewellery 7.9 3.7 20.0
Fine Jewellery 17.7 6.5 36.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 15 Forecast Sales of Jewellery by Category: % Value Growth 2020-2025

% constant value growth

2020/2021 2020-25 CAGR 2020/25 Total

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Jewellery 13.8 5.8 32.3

Costume Jewellery 6.4 3.3 17.4
Fine Jewellery 15.4 6.3 35.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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PERSONAL ACCESSORIES IN
ROMANIA - INDUSTRY OVERVIEW
EXECUTIVE SUMMARY

COVID-19 impact on personal accessories

The COVID-19 outbreak led to a reduction in personal accessories sales, across all
categories, in 2020, as the Romanian government implemented quarantine and social
distancing measures to contain the pandemic. If the pandemic is contained in the second half of
2020, the personal accessories market is expected to see growth over the rest of the forecast
period. The market is dominated by international players, which have a consolidated position in
the specific categories in which they operate. The only local player among the leaders is Credit
Gold & GF 2003 SRL, which offers a wide range of fine jewellery under its Teilor brand. Internet
retailing is expected to continue to grow its market share, as the lockdown generated increased
emphasis on the importance of digital capacity, which is expected to have an impact on
personal accessories distribution in the long term.

COVID-19 country impact

On 8 March, flights between Romania and Italy were suspended, followed by the closure of all
schools on 11 March and a state of emergency being declared on 16 March. All non-essential
services were stopped from 18 March, with shopping centres and non-essential retailers closing
down, but grocery retailers, pharmacies and pet shops stayed open, albeit with social distancing
measures in place. Restaurants were only allowed to stay open to make deliveries. All schools
and universities were closed on 11 March. Flights to and from Spain were also suspended from
18 March. As of 24 March, what were previously recommendations became mandatory as
Romania went into lockdown: people were only allowed to leave home to go to work, for medical
reasons, for shopping essentials or to help a family member. People over 65 were only allowed
to leave their homes between 11.00hrs and 13.00hrs. Anybody leaving their homes needed to
be in receipt of a written form stating the reason for their movements. Non-essential business
premises were shut down from 24 March, with many resorting to remote working. From 5 April,
Romania expanded its flight ban to a number of new countries, including France, Germany,
Austria, Belgium, Switzerland, the US, the UK, the Netherlands, Turkey and Iran. However,
charter flights carrying seasonal workers from Romania were allowed, providing they were
authorised by the destination countries.
From 15 May, the government started easing the lockdown restrictions, with people no longer
needing written permission to leave their homes, for example. Although schools were not
expected to fully reopen, final-year students preparing for their exams were allowed to attend
classes for two weeks, albeit wearing face masks and with no more than 10 people in a class.
Despite the easing of restrictions, protective masks are mandatory in public enclosed spaces
and on public transport for an indefinite period, and people are still recommended to stay at
home. Bars and restaurants remain closed, other than for food home deliveries, and public
gatherings continue to be prohibited. Shopping centres remain closed, but non-essential outlets
located on high streets are able to open.

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Company response
Personal accessories has a highly fragmented competitive landscape in most categories. The
various personal accessories types come from multiple manufacturers, including well-known
multinationals such as Cie Financière Richemont, LVMH Moët Hennessy Louis Vuitton or H&M
Hennes & Mauritz, local players such as Credit Gold & GF 2003 (Teilor) as well as Asian
companies, which are particularly strong in the economy segment with unbranded products.
Although the players grouped under “others” again lost sales share in 2019 as consumers
demonstrated more interest in better-quality branded personal accessories, including
international brands, overall personal accessories remained very fragmented, with “others” still
accounting for more than half of overall retail value sales. However, due to the impact of
COVID-19 on personal accessories, companies that offer luxury products are expected to be
negatively affected by the lower purchasing power that is expected to be seen in Romania for at
least two years, with a slow recovery from this starting at the end of 2021.
In most areas of personal accessories, the factor that determines the success of new product
lines is the inclusion of current fashion trends. This is particularly important in bags and luggage,
in which product innovations are difficult to implement and customers are guided primarily by
their own sense of style, but also by the latest fashion trends seen in magazines, on TV or the
internet. It is also important to adapt to fast-changing fashion trends in other areas of personal
accessories, such as both jewellery and watches, with consumers paying close attention to
them. In order to promote their products, players engage well-known personalities from the
worlds of sport and entertainment (ie Alina Ceusan, Simona Halep, Antonia). There is also
growing awareness and knowledge of these products and the latest fashions among consumers
thanks to their good and easy access to such information, meaning that they are generally
aware of what jewellery set or watch should be worn for a particular occasion. This is why there
is a growing base of consumers owning more than one product, with different items for different
occasions.

Retailing shift
In 2020, personal accessories was strongly affected by the COVID-19 restrictions in Romania.
Starting in March, all non-essential retail outlets were closed, which greatly influenced the
availability of personal accessories products and the interest of consumers in buying these
products. E-commerce has been recording very dynamic growth in 2020, whereas channels
such as apparel and footwear specialist retailers, bags and luggage specialist retailers and
jewellery and watch specialist retailers recorded sharp declines due to being shut down for three
months. Even though internet retailing has been booming in 2020, there are certain categories,
such as fine jewellery and high mechanical watches, where the purchasing decisions for these
products is strongly influenced by consumers’ in-store experience.

What next for personal accessories?

The COVID-19 pandemic is negatively impacting sales of personal accessories mainly due to
the forced closure of stores during the lockdown period. Nevertheless, if the pandemic fades in
the second half of 2020, the personal accessories market is expected to see a return to growth
over the rest of the forecast period. However, this growth will be influenced by the level of
necessity of the particular products, as COVID-19 has had a negative impact on the overall
economy in the country, with Romanian consumers, in the immediate future, likely to be more
orientated towards buying cheaper products that are essential for everyday life. Against such a
backdrop, high-priced products such as fine jewellery and high mechanical watches could be
badly affected and players will have to work hard to convince consumers to resume buying
these products.

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MARKET DATA
Table 16 Sales of Personal Accessories by Category: Volume 2015-2020

'000 units
2015 2016 2017 2018 2019 2020

Bags and Luggage 6,976.0 7,399.7 7,698.6 7,938.7 8,233.8 5,648.0

Jewellery 3,910.3 4,090.8 4,247.9 4,390.9 4,499.2 3,288.2
Watches 327.9 355.3 370.6 383.5 390.9 245.0
Writing Instruments 59,882.5 64,050.6 65,787.6 67,128.0 68,018.0 57,846.8
Personal Accessories 71,096.7 75,896.4 78,104.8 79,841.0 81,141.8 67,028.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 17 Sales of Personal Accessories by Category: Value 2015-2020

RON million
2015 2016 2017 2018 2019 2020

Bags and Luggage 745.7 799.3 849.5 901.7 967.9 652.9

Jewellery 1,302.7 1,329.7 1,377.5 1,429.1 1,485.4 980.0
Watches 184.8 199.8 213.4 227.4 241.6 140.6
Writing Instruments 200.3 207.9 215.3 223.2 232.2 197.7
Personal Accessories 2,433.4 2,536.8 2,655.7 2,781.4 2,927.2 1,971.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 18 Sales of Personal Accessories by Category: % Volume Growth 2015-2020

% volume growth
2019/20 2015-20 CAGR 2015/20 Total

Bags and Luggage -31.4 -4.1 -19.0

Jewellery -26.9 -3.4 -15.9
Watches -37.3 -5.7 -25.3
Writing Instruments -15.0 -0.7 -3.4
Personal Accessories -17.4 -1.2 -5.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 19 Sales of Personal Accessories by Category: % Value Growth 2015-2020

% current value growth

2019/20 2015-20 CAGR 2015/20 Total

Bags and Luggage -32.5 -2.6 -12.4

Jewellery -34.0 -5.5 -24.8
Watches -41.8 -5.3 -23.9
Writing Instruments -14.8 -0.3 -1.3
Personal Accessories -32.7 -4.1 -19.0

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Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 20 NBO Company Shares of Personal Accessories: % Value 2015-2019

% retail value rsp

Company 2015 2016 2017 2018 2019

Credit Gold & GF 2003 SRL 1.5 2.3 3.4 5.0 6.7
Richemont SA, Cie 5.7 5.7 5.6 5.5 5.3
Financière
Azad Enterprises Srl 1.3 1.6 1.8 1.9 2.6
LVMH Moët Hennessy 2.3 2.3 2.4 2.4 2.4
Louis Vuitton SA
General Business System 1.3 1.4 1.4 1.4 1.5
SRL
Kering SA 1.5 1.4 1.5 1.5 1.5
VF Corp 1.4 1.4 1.4 1.4 1.4
Herlitz Romania SRL 1.3 1.4 1.4 1.4 1.4
RTC Proffice Experience 1.1 1.1 1.1 1.2 1.2
SA
Pandora Jewelry Romania 0.5 0.8 0.9 1.0 1.1
SRL
Swatch Group Ltd, The 0.8 0.9 0.9 0.9 0.9
Joyería Tous SA 1.3 1.2 1.1 0.9 0.8
SC Roumasport SRL 0.5 0.7 0.7 0.7 0.8
Newell Brands Inc - 0.8 0.7 0.7 0.7
Fossil Group Inc 0.7 0.7 0.7 0.7 0.7
Michael Kors Srl 0.2 0.3 0.6 0.7 0.7
Burton Snowboards Inc 0.5 0.5 0.5 0.5 0.6
Tiffany & Co 0.5 0.6 0.6 0.5 0.5
H&M Hennes & Mauritz SRL 0.3 0.4 0.4 0.5 0.5
Gamabell Exim Srl 0.2 0.3 0.3 0.4 0.5
Case Logic Inc 0.5 0.5 0.5 0.5 0.5
Burberry Group Plc 0.5 0.5 0.5 0.5 0.5
Nike Inc 0.4 0.5 0.5 0.5 0.5
Casio Computer Co Ltd 0.5 0.5 0.5 0.4 0.4
Société Bic SA 0.4 0.4 0.4 0.4 0.4
Zara Bucuresti SRL 0.2 0.3 0.3 0.4 0.4
adidas Romania SRL 0.4 0.4 0.4 0.4 0.4
Citizen Watch Co Ltd - 0.4 0.4 0.4 0.4
Best Pencil SRL 0.2 0.3 0.3 0.3 0.3
Pilot Corp 0.3 0.3 0.3 0.3 0.3
Newell Rubbermaid Inc 0.8 - - - -
Citizen Holdings Co Ltd 0.4 - - - -
Others 72.5 70.5 68.5 66.7 64.2
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 21 LBN Brand Shares of Personal Accessories: % Value 2016-2019

% retail value rsp

Brand (GBO) Company (NBO) 2016 2017 2018 2019

Teilor Credit Gold & GF 2003 SRL 2.3 3.4 5.0 6.7
Cartier Richemont SA, Cie 3.4 3.5 3.5 3.4

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Financière
Lamonza Azad Enterprises Srl 1.2 1.4 1.5 2.2
Louis Vuitton LVMH Moët Hennessy 1.4 1.5 1.5 1.5
Louis Vuitton SA
Piaget Richemont SA, Cie 1.6 1.5 1.3 1.2
Financière
Kipling VF Corp 1.1 1.1 1.2 1.1
Pandora (Pandora A/S) Pandora Jewelry Romania 0.8 0.9 1.0 1.1
SRL
Gucci Kering SA 0.8 0.9 0.9 1.0
Mandarina Duck (E RTC Proffice Experience 0.8 0.8 0.9 0.9
Land Group) SA
Samsonite General Business System 0.6 0.6 0.7 0.8
(Samsonite SRL
International SA)
Tous (S Tous SL) Joyería Tous SA 1.2 1.1 0.9 0.8
Quechua (Decathlon SC Roumasport SRL 0.7 0.7 0.7 0.8
SA)
Michael Kors (Capri Michael Kors Srl - - 0.7 0.7
Holdings Ltd)
Chloé Richemont SA, Cie 0.7 0.7 0.7 0.6
Financière
Fossil Fossil Group Inc 0.6 0.6 0.6 0.6
Burton Burton Snowboards Inc 0.5 0.5 0.5 0.6
Boucheron Kering SA 0.6 0.6 0.6 0.5
Tiffany & Co Tiffany & Co 0.6 0.6 0.5 0.5
H&M (H&M Hennes & H&M Hennes & Mauritz SRL 0.4 0.4 0.5 0.5
Mauritz AB)
Meli Melo Paris Gamabell Exim Srl 0.3 0.3 0.4 0.5
Case Logic (Thule Case Logic Inc - 0.5 0.5 0.5
Group AB)
Burberry Burberry Group Plc 0.5 0.5 0.5 0.5
Omega Swatch Group Ltd, The 0.4 0.5 0.5 0.5
Nike Nike Inc 0.5 0.5 0.5 0.5
Casio Casio Computer Co Ltd 0.5 0.5 0.4 0.4
Bic Société Bic SA 0.4 0.4 0.4 0.4
Zara (Inditex, Zara Bucuresti SRL 0.3 0.3 0.4 0.4
Industria de Diseño
Textil SA)
Pelikan (Pelikan Herlitz Romania SRL 0.4 0.4 0.4 0.4
International Corp
Bhd)
adidas (adidas Group) adidas Romania SRL 0.4 0.4 0.4 0.4
Bvlgari LVMH Moët Hennessy 0.4 0.4 0.4 0.4
Louis Vuitton SA
Case Logic Case Logic Inc 0.5 - - -
Others Others 76.2 74.6 72.1 69.6
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 22 Distribution of Personal Accessories by Format: % Value 2015-2020

% retail value rsp

2015 2016 2017 2018 2019 2020

Store-Based Retailing 95.0 94.4 93.5 92.7 91.9 71.5

- Grocery Retailers 7.5 7.4 7.5 7.6 7.6 9.2
-- Modern Grocery 7.5 7.4 7.5 7.6 7.6 9.2

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Retailers
--- Discounters 0.8 0.8 1.1 1.3 1.3 1.6
--- Supermarkets 0.6 0.6 0.5 0.5 0.5 0.5
--- Hypermarkets 6.1 6.0 5.9 5.9 5.8 7.1
- Non-Grocery Specialists 87.0 86.4 85.5 84.6 83.8 61.8
-- Apparel and Footwear 10.6 10.8 10.7 10.6 10.7 7.9
Specialist Retailers
-- Leisure and Personal 74.4 73.6 72.8 72.1 71.2 52.6
Goods Specialist
Retailers
--- Bags and Luggage 16.4 16.8 17.1 17.3 17.6 11.3
Specialist Retailers
--- Stationers/Office 2.8 2.8 2.6 2.4 2.4 2.3
Supply Stores
- Mixed Retailers 0.6 0.5 0.5 0.5 0.4 0.5
-- Variety Stores 0.6 0.5 0.5 0.5 0.4 0.5
-- Other Non-Grocery 2.1 2.0 1.9 1.9 1.9 1.3
Specialists
Non-Store Retailing 5.0 5.6 6.5 7.3 8.1 28.5
- Direct Selling 0.6 0.6 0.7 0.7 0.7 0.7
- Homeshopping 0.0 0.0 0.0 0.0 0.0 0.0
- E-Commerce 4.3 5.0 5.8 6.6 7.4 27.8
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 23 Forecast Sales of Personal Accessories by Category: Volume 2020-2025

'000 units
2020 2021 2022 2023 2024 2025

Bags and Luggage 5,648.0 6,557.4 6,870.1 7,096.5 7,275.8 7,407.4

Jewellery 3,288.2 3,641.7 3,803.6 3,926.0 4,033.7 4,105.8
Watches 245.0 294.3 317.8 331.3 342.0 351.5
Writing Instruments 57,846.8 60,631.9 62,266.9 63,290.5 64,339.0 65,499.9
Personal Accessories 67,028.0 71,125.3 73,258.4 74,644.3 75,990.6 77,364.6
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 24 Forecast Sales of Personal Accessories by Category: Value 2020-2025

RON million
2020 2021 2022 2023 2024 2025

Bags and Luggage 652.9 752.7 795.2 829.5 858.2 880.8

Jewellery 980.0 1,115.1 1,183.0 1,226.9 1,266.0 1,296.8
Watches 140.6 171.5 189.3 200.7 209.6 218.0
Writing Instruments 197.7 207.6 213.9 218.4 223.0 228.3
Personal Accessories 1,971.2 2,246.8 2,381.4 2,475.6 2,556.9 2,623.9
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 25 Forecast Sales of Personal Accessories by Category: % Volume Growth 2020-

2025

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% volume growth
2020/21 2020-25 CAGR 2020/25 Total

Bags and Luggage 16.1 5.6 31.2

Jewellery 10.7 4.5 24.9
Watches 20.1 7.5 43.5
Writing Instruments 4.8 2.5 13.2
Personal Accessories 6.1 2.9 15.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 26 Forecast Sales of Personal Accessories by Category: % Value Growth 2020-

2025

% constant value growth

2020/2021 2020-25 CAGR 2020/25 Total

Bags and Luggage 15.3 6.2 34.9

Jewellery 13.8 5.8 32.3
Watches 21.9 9.2 55.1
Writing Instruments 5.0 2.9 15.4
Personal Accessories 14.0 5.9 33.1
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

DISCLAIMER
Forecast closing date: 22 June 2020
Report closing date: 18 August 2020
Analysis and data in this report give full consideration to the impact of COVID-19 on
consumer behaviour and market performance in 2020 and beyond. However, the situation
continues to develop rapidly, and the influence and severity of the pandemic are constantly
evolving. For the very latest insight on COVID-19 and its impact on industries and consumers, at
both global and national level, readers can access strategic analysis and updates on
www.euromonitor.com and via the Passport system, where new content is being added on a
systematic basis.

GLOBAL MACROECONOMIC ENVIRONMENT

▪ The COVID-19 pandemic has forced governments to quarantine entire countries, disrupted
global supply chains, slashed business and consumer confidence and affected financial
markets. The effects on the global economy are already being felt, and will be substantial, but
the exact magnitude will depend on the length of COVID-19 restrictions.
▪ COVID-19 will severely impact both the supply and demand sides of the economy. At the
same time, monetary policy tools are almost exhausted due to the slow recovery from the
Global Financial Crisis. Interest rates have not recovered, so central banks have to resort to
Quantitative Easing programmes (QEs), but QEs have limited effect on labour markets,
consumer spending and other aspects of the real economy.
▪ Thus, countries have to turn to fiscal stimulus. However, the response to fiscal stimulus will be
limited too as long as people are quarantined in their homes. In the meantime, governments

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are helping businesses and citizens by providing emergency loans to cover expenses and
lower the spillover effects through economies, but uncertainty surrounding the pandemic limits
economic activity.

GLOBAL INDUSTRY ENVIRONMENT

▪ Sales of personal accessories are expected to post some of the sharpest declines among all
fmcg industries in 2020. The industry is concurrently facing pressure from three main factors:
consumers’ diminished disposable income, retail closures (and sluggish footfall within the
context of social distancing among those already up and running); and record low travel flows,
limiting demand across most categories. On the other hand, face masks are set to become
the most sought-after accessory, and their usage to become widespread in the West.
▪ COVID-19 is having a strong impact across all references, but those at the higher end of the
price spectrum such as fine jewellery, high mechanical watches and luggage are likely to be
the worst hit, given their heavy reliance on foreign spend and travel flows. On the other hand,
more essential and affordable references, with wider availability across the very few retail
outlets in operation while lockdown measures are in place, are set to navigate the downturn in
a slightly better position, and to benefit from limited purchasing power post-pandemic.
▪ Brands and retailers have significantly scaled back and repurposed global operations as a
result of COVID-19, channelling manufacturing capabilities to produce PPE and hand
sanitisers (as seen with LVMH in France), or briefly adjusting product portfolios. Canadian
luggage start-up, Monos, has just launched CleanPod UVC Sterilizer, a device to sanitise and
disinfect the surfaces of travel goods and other personal items in response to higher
standards of hygiene among consumers. More innovation like this is expected over the early
forecast period as travel restrictions are relaxed.
▪ To better understand the impact of COVID-19 on the personal accessories industry and what
the crisis could mean for near- and mid-term forecasts, please read the report, The Impact of
Coronavirus on Personal Accessories (June 2020), which serves as an early guide to
forecasting the crisis, with insights on current results, lessons from previous crises on key
categories, and scenarios for understanding the virus’ future impact on the industry.

DEFINITIONS
Explanations of words and/or terminology used in this report are as follows:
▪ GBO refers to global brand owner, which is the ultimate owner of a brand.
▪ NBO refers to national brand owner, which is the company licensed to distribute a brand on
behalf of a GBO. The NBO may be a subsidiary of a GBO or it may be a completely separate
company. Share tables at both GBO and at NBO level are provided in the report. Reference
to shares in the report analysis is at NBO level.

SOURCES
Sources used during the research included the following:

Summary 1 Research Sources

Official Sources Eurostat

National Confederation of Operators with

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Precious Metals & Stones

Trade Associations Bizcity

FEPAIUS - Federatia Patronala a Textilelor,

Confectiilor si Pielariei

National Association of Consumer Protection

Optica Patronage

Patronage of Diamonds

Patronage of Romanian Jewellers

Patronatul Optica

Trade Press 2luxury2.ro

9am.ro

Adevarul

amelie.ro

B1.ro

Business Cover

Business Magazin

Business24

Businesscover.ro

Capital

Curierul National

digi24

Doing-business.ro

Economica.net

Fin.ro

finantistii.ro

Focus Energetic

franchising.info.ro

gadgetrends.ro

Gpec.ro

HotNews

Income Magazine

incont.ro

Ital Trade

Manager.ro

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Mediafax

Money.ro

OVM Paper

Radio Romania Actualitati

Retailers.ro

romanianlifestyle.ro

Stiri.rol.ro

Wall-street.ro

WebPR

Ziarul Financiar

Source: Euromonitor International

© Euromonitor International