Jidvei exceeded its turnover target by 15% despite the crisis

The company, which is a major player on the local market, increased its turnover in the first nine months by 36 percent year-on-year, up to RON 84.5 million (some €24 mln).

Company officials forecast an increase in 2009 turnover of at least 10 percent, compared to more than €30 mln estimated for 2008.

“So far, the crisis has not affected Jidvei’s business. This is not surprising, considering the fact that, at a time like this, the consumer first foregoes the acquisition of real estate or cars, whose high value requires a loan,” company officials told Business Standard.

Jidvei officials believe that all economic sectors in Romania, including the wine segment, will be affected by the crisis to some extent. “However, our company will be less affected, considering that export was never a priority in our sales strategy, and the only element that will influence turnover is local consumption,” they added.

The domestic wine market is estimated at €450 million, with an annual growth rate of 10-15 percent. Major producers include Murfatlar, Vincon Vrancea, Cotnari, and Cramele Recas.

Annual Romanian per capita wine consumption is some 30 liters, while in France average per capita consumption is 55 liters, according to data provided by producers.