Time To Invest In A Little Luxury In Hungary

  • 25 Oct 2013 9:00 AM
Time To Invest In A Little Luxury In Hungary
Hungarian state-owned Széchenyi Capital Investment Fund (SZTA) is investing in two upcoming fashion businesses. The two Hungarian fashion designers Réka Vágó and Dóra Abodi have already won several prizes, but are ready to conquer bigger audiences. SZTA by also using up available EU funds is investing HUF 126 million in the two designer brands, so the uniquely designed pieces can target international markets.

“Although our shop was small, this was a huge step for us”- said fashion designer Réka Vágó commenting on their first store opening. The owner of rekavago shoe brand founded in 2005 is working hard to get bigger recognition. As a dancer, Vágó exactly knows how a good pair of shoes should look and feel. “A dancing shoe has to be beautiful and comfortable at the same time”,- she said, and explained a story of a woman who called to tell her that she didn’t have any blisters after spending a whole night in a stylish pair of rekavago shoes.

In 2003, Vágó started out by designing bridal and completely unique leather shoes, then continued to create collections that mirrored her original style. With her brand, she won the 2010 Hungarian Cosmopolitan “Best Designer Award”, and designed the “Woman of Excellence” prize for the American Chamber of Commerce in Hungary.

By using SZTA’s money, the designer is planning to open up a store in central Budapest in the next six months, and expand only later. “I believe I am a good designer, but I need a team”, Vágó explained.

Dóra Abodi is in the same position, but instead of designing shoes, she is working with clothes and accessories. Her brand has already been introduced to the Middle Eastern and Far Eastern markets in Dubai, Kuwait, and Japan. In order to reach broader audiences and to expand internationally, she was looking for partners (showrooms) in Paris and Milan.

According to Abodi, her team is at an early company building stage and choosing SZTA is a true win, because it won’t interfere with the company’s management.

CEO of SZTA Imre V. Csuhaj hopes that within a couple of years the two companies will be able to invest in larger capitals.

Source: ORIGO

By Tímea Klincsek for XpatLoop.com

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