Folli Follie

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Folli Follie
Folli Follie Group
S.A
Traded as AthexFFGRP
Industry Luxury goods manufacture and retail
Founded 1982
Headquarters Athens, Greece
Key people
George Koutsolioutsos (CEO)
Dimitris Koutsolioutsos (Chairman)
Products Jewelry
Services sporting goods
apparel retail and distribution
Revenue 1.337 billion (2016)[1]
€262.27 million (2016)[1]
€226.91 million (2016)[1]
Total assets €2.580 billion (2016)[1]
Total equity €1.884 billion (2016)[1]
Owner Dimitris Koutsolioutsos (35.1%)
Fosun International (13.9%)[2]
Number of employees
5.079 (2016)[1]
Website follifolliegroup.com

Folli Follie is a Greek-based international company which designs, manufactures and distributes luxury jewellery, watches and fashion accessories.

History[edit]

The company was established in 1986 in Greece by Dimitris Koutsolioutsos (Greek: Δημήτρης Κουτσολιούτσος). The first shop was in the commercial district of Athens. Folli Follie started by manufacturing jewellery and in 1994 launched their watch line. In 1995 the first overseas store opened, in Japan. It is now ranked amongst the top 10 brands in luxury goods in Japan with 80 points of sale. Folli Follie fully acquired its affiliate in Japan in 2008.[3]

In 1997, Folli Follie was listed in the Athens Stock Exchange. Capital was used to fund growth and geographic expansion. Folli Follie is currently active in 25 countries, including the UK (London; Bond Street, New Bond Street) Cardiff & Glasgow; (St Enoch Centre), Switzerland (Geneva), Japan (Tokyo; Ginza area), France (Paris), the US (New York; Madison Avenue), China (more than 120 shops) and Russia (Moscow; Red Square); it has over 380 points of sale.[4]

Folli Follie employs more than 5,900 people.[when?][citation needed]

Design[edit]

The company's design team consists of Italian, Swiss and Greek top designers who work together to present two collections per year: Autumn/Winter and Spring/Summer. The collection's highlight is the "Premium K" collection which includes limited edition jewellery and accessories pieces. Folli Follie's philosophy is to offer a "full fashion concept" of branded, modern jewellery, watches and accessories at affordable prices. The company also offers a men's watch collection under the brand name Folli Follie (previously Triton).

Acquisitions[edit]

Hellenic acquired the British jewellery company Links of London in 2006, with an enterprise value of ₤45 million.[5]

Stores[edit]

The Folli Follie stores (518 in total) as of 2/7/2017 were:

Africa

Americas

Europe

Asia

Scandal[edit]

On May 4, 2018 Quintessential Capital Management made the fact-based allegation that "The image we received from reviewing Folli Follie’s (OTCPK:FLLIY) financial statements and official declarations over the year is that of a rapidly-growing multinational fashion company led by double-digit growth in its key segment: Asia. Unfortunately, following an extensive investigative and due diligence work, we find it impossible to reconcile that picture with our findings on the ground, which point to an unprofitable, struggling company with materially smaller, and rapidly decreasing revenue, network size, and cash balances. The core of the issue seems to be concentrated in FF’s Asian and, particularly, Chinese subsidiaries." [6]

Following the announcement the FF share price in the Greek stock market tumbled and after a few weeks trading was suspended.[7][8]

Finally on 16.8.2018 a credit event occurred with one of FFs bonds, giving strong indication that Quintessential's allegations are valid.[9]

References[edit]

  1. ^ a b c d e f http://www.ffgroup.com/uploads/60735/9cd3_ff_annual_2016_20x28cm_en-final_en.pdf
  2. ^ 4-traders. "Folli Follie Cmrcl Mfg and Techcl Co SA company : Shareholders, managers and business summary - Athens Stock Exchange: FFGRP - 4-Traders". www.4-traders.com. Retrieved 10 May 2018.
  3. ^ "Folli Follie buys out Japanese unit for 12.7 mln eur". Thomson Financial. Forbes NY. 2008-01-29. Retrieved 2008-02-26.
  4. ^ "Archived copy". Archived from the original on 2011-09-30. Retrieved 2011-09-21.
  5. ^ Moodie, Martin. "Hellenic acquires Links of London". The Moodie Report. Retrieved 2006-07-27.
  6. ^ https://seekingalpha.com/article/4169961-folli-follie-greek-parmalat
  7. ^ http://www.marketall.eu/markets/13149-upd-trading-in-folli-follie-shares-suspended-fails-to-provide-financial-data-
  8. ^ https://www.bloomberg.com/news/articles/2018-05-04/ff-group-shares-sink-after-short-seller-questions-network-reach
  9. ^ http://www.capital.gr/epixeiriseis/3310817/-pistotiko-gegonos-sto-omologo-tis-folli-follie-se-elbetiko-fragko

External links[edit]