The Valencian jewelry brand, founded by Cristina Aristoy and Paco Tormo, plans to open 44 new stores in the next 18 months. This will raise the number of points of sale to 66 between its own stores and franchises before December of next year.
To finance the expansion plan, the brand has carried out a capital increase of 500,000 euros, complemented by up to 1.75 million euros that will be contributed by Banco Santander’s Smart Fund. The rest of the investment, which amounts to a total of 4.4 million euros, will be carried out with the company’s own funds.
100% of this capital increase has been covered by the company’s current partners, mainly Faraday Venture Partners and the Zriser Group. This operation is added to the loan of 1.75 million euros that they have received from Banco Santander’s Smart Fund. The firm expects to achieve a turnover of 16 million euros this year, 60% more than in 2021, which closed close to 10 million euros.
The expansion plan foresees that this year Singularu will open 21 new stores between its own and franchises, which would double the physical points of sale, exceeding 40 in December.
Proof of this growth is the opening of two new stores during the month of April that have allowed it to enter markets such as La Rioja or Castellón. Both establishments follow the franchise model that the company has been working on since 2018 and which complements its own establishments and its online store. Singularu currently has stores in Madrid, Valencia, Barcelona, Zaragoza, Seville, Malaga, Bilbao, A Coruña, Valladolid, Murcia, Logroño and Castellón.
The Singularu workforce has also grown substantially over the last year, going from 85 employees in 2021 to starting the year exceeding the barrier of 150 professionals. In addition to its own workers, the Valencian brand also works with more than 180 national suppliers, with which it also generates indirect employment, and with occupational centers to which it entrusts the performance of tasks for the socio-labour integration of people with intellectual disabilities.
“We are working so that 2022 is the year in which we double our physical stores and also our turnover, without losing the essence with which we were born eight years ago”, has assured the CEO and co-founder of the company, Cristina Aristoy. Since its foundation in 2014 as an online store, the company has had the support of important business incubators such as Demium Startups and the accelerators Connector Spain and Lanzadera.
