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RSS Feed Business29. 09. 09. - 09:00
Zagreb´s Magma is 20 years old
Croatian Times
Magma, a Zagreb company founded in 1989 as a wholesaler of a number of top world brands of clothes and toys, celebrates its 20th birthday yesterday (Mon).
Magma, which includes the firms Turbo Limach, Turbo sport and Magma fashion, employs 1,250 workers in Croatia and abroad.
Last year, company income was one billion kunas or 137 million Euros. Despite world recession, Magma head Goranko Fizulic, who is also a former Croatian minister of economy, expects the same results this year. He said he had predicted the crisis in 2007.
Magma has already laid off 300 workers in 2009. Fizulic claims the reason for that is increased automatisation.
On the other hand, Fizulic said he didn’t expect the country to recover from the financial crisis before the second quarter of 2010. He confirmed that sales had been lower during the summer months.
He said: "Croatian residents have no trust in a better tomorrow and, without that, there is no spending. I believe Croatian residents are spending much less than they can because they are afraid of what could happen next month. I see that as pernicious for the economy."
Fizulic said the company’s medium-term plan named Return to The Future included returning business to the levels of the years 2005 and 2006 but the long-term goal was to expand in other markets in countries in which they were already doing business.
He announced a new market concept, Lifestyle Market, that would feature clothes and home furnishings.
The first such shop will open in Rijeka at the end of the year.
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Tag cloud brands medium residents didn quarter business returning Turbo Croatia sales workers economy recover crisis Zagreb clothes Fizulic Magma pernicious financial
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alexc134 wrote on 02. 03. 2010 from USA
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alexd910 wrote on 25. 02. 2010 from USA
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