The transfer of 51% of the company DUTY FREE SHOPS SA to the Swiss group DUFRY AG was successfully completed
The transfer of 51% of the company HELLENIC DUTY FREE SHOPS SA, to the Group Dufry AG, was successfully completed on April 22nd2013. FF Group continues to keep a stake of 49% of the company, which will develop from a local travel retail leader into a business of international range, whereby direct synergies will significantly improve the value of FF Group's participation of the 49%.
The transaction amounted to € 200,5 million in cash, prior to this the transfer of debt of € 335 million to the subsidiary company which absorbed the travel retail business had been completed. As a result of this transaction, the bank net debt of the Folli Follie Group (excluding leases) shall become almost even.
Folli Follie Group's CEO, George Koutsolioutsos said: "In this critical time for the Greek Economy, this collaboration is a vote of confidence to the Greek entrepreneurship and reaffirms the efforts in attracting foreign capital for new investments and partnerships with Greek companies that will help to gain international know how, experience and prestige and ultimately create new jobs that our country needs."
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The Folli Follie Group, leader in the fashion world, is active in more than 28 countries around the world. It designs, manufactures and distributes at a global scale private brands, Folli Follie and the awarded British jewelry company, Links of London. The Group is active in Greece in the field of travel retail and at the same time it holds a dynamic position in the field of retail and wholesale in the Greek market but also in the Balkans. Attica Department Stores and Factory Outlet Department Stores constitute the largest private-owned distribution channels and points of retail of the Group in Greece, while brands such as Ermenegildo Zegna, Juicy Couture, Calvin Klein, Nike, Converse, Samsonite and G-Star belong to the Group's portfolio.
With such an impressive portfolio and the threefold structure, the Folli Follie Group covers the needs of the contemporary consumer with products for all age range.
The Folli Follie Group creates fashion at a worldwide scale; it disposes of a strong-built presence with over 800 points of sale worldwide and employs more than 6.000 people around the world.
Folli Follie Group
23rd km Athens - Lamia Highway,
Aghios Stefanos, Athens, GR 145 65
Phone +30 210 6241000 Fax +30 210 6241100
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