The current financial crisis will drive consumption back to the level of 2000 or even the late '90s, after which "we'll slowly recover...in five to seven years," says Enrico Perini, the Italian-born entrepreneur with a Romanian citizenship, who owns Romstal group with turnover worth above 500m euros.
Romstal first felt the pinch of the crisis early this year, with estimates for 2009 turnover pointing to stagnation compared with last year, after years of two-digit turnover growth.
"As regards us, we needed a reshuffling so that we could come back to normal. This recession undoubtedly exceeds all expectations, so that we'll be facing trouble for the next two or three years at least. Romania, just like the rest of Eastern European countries, will be harder hit than Western countries," considers Perini.
The Italian's plan to take Romstal group, including nine firms, to 1bn-euro turnover in 2012 was upset by the crisis.
"The Italian employer denied me a wage raise of 30 marks and at that moment I started considering setting up my own firm." This is the beginning of the story of Romstal group, now present in 7 countries, with Romania as the main growth hub.
Perini, 42, one of the most discreet businesspeople domestically, started his business in Romania after resigning from a 12-employee firm of Italy. "I wanted to start a business from scratch to give life to my youth dream of creating a firm with 250,000-euro turnover. I spotted a business opportunity in Romania and I took advantage of it (...)," says Perini.
How did he come to develop his businesses in Romania and not elsewhere? When he was 25 he wanted a ski holiday and Romania was the cheapest opportunity at that time and he chose Poiana Brasov. Back then, in 1992, Romania was full of opportunities because people wanted to have lots of things that were not available in the country. In the next two years, he made the first million euros in Romania.
Perini promotes his business as being a Romanian-held one. He owns 51% in Romstal. Perini's target was for his business to reach 1bn euros in 2012, but his plans were upset by the crisis. Still, Romstal group's growth has already considerably exceeded the businessman's initial estimates.
Perini only participates in the group's strategic decisions, with the reins of the firms being in the hands of some managers he trusts.
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