Cadenzza, the premium jewellery and fashion accessory company belonging to the Swarovski group, is opening its first Hungarian store in Budapest in early April under a HUF 100 million expansion scheme.
The company sees major potential in the Eastern European region, which will see 5 stores being opened this year in addition to the Budapest outlet. By 2020, they aim to dominate the market of multi-brand fashion jewellery retail.
Cadenzza was founded by the Swarovski group in 2012 as one of the first multi-brand actors on the premium fashion jewellery market. According to a statement released by the company, the global fashion jewellery market is growing at an annual rate exceeding 5 per cent and currently amounts to 26 billion euros. The global value of the entire market, which includes traditional jewellery, is estimated at an annual 150-180 billion euros.
Cadenzza currently has a market presence in the United Kingdom, China, Germany and Austria, with partner stores in several other parts of the world. Taking the Hungarian outlet into account, it is present in 41 places on the European continent.
The Austria-based Swarovski group employs some 30 000 people and had a turnover amounting to EUR 3.05 billion in 2014, data released by the firm reveals.