Insider Business Greek jeweller Folli Follie’s turmoil also affects Cyprus operations

Greek jeweller Folli Follie’s turmoil also affects Cyprus operations

Greek jeweller Folli Follie’s ongoing turmoil with talks between creditors over a rescue plan being at a critical stage could not leave the group’s operations in Cyprus unaffected.

Suspension of group level partnerships has led to suspended Cyprus operations as well but it seems that these are still viable – for the time being, at least.

Obviously, developments at group level and more specifically the final position of bondholders will determine the future of the jewel empire.

Folli Follie has been in turmoil since a hedge fund report in May last year questioned its accounting.

It published its delayed audited 2017 statements in July, showing it overstated annual revenue by more than 1 billion euros, and presented an alternative overhaul scheme to bondholders after a previous proposal collapsed.

Talks with the bondholders have been ongoing for months.

Folli Follie’s Chairman Avraam Gounaris told shareholders who recently met to approve the company’s 2017 statements that negotiations with the bondholders are at a critical juncture.

And that there are grounds for optimism, even if it is contained, because “bankruptcy suits no one”.

The Group’s presence in Cyprus includes a total of nine shops: five Folli Follie, one Collective, one Calvin Clein, one Links of London και one Nike.

The total number of staff in Cyprus is 115 but it is likely to be halved now that cosmetics brand Shiseido has left the Group.

Shiseido’s withdrawal from the Group partnership is the latest development in the ongoing crisis. The established cosmetics brand had a significant share in the Greek market and also established a strong presence in Cyprus over the past recent years.

Shiseido in Greece has been taken over by Notos.com group. In Cyprus, it seems that a big Group with an established presence in the cosmetics sector is ready to take over the brand. The new buyer may also absorb Shiseido’s existing staff.

Read more:

 

https://in-cyprus.com/nicosia-malls-opens-list-of-shopspictures/

Top Stories

One covid case today, an immigrant that was to be hosted in care centre-1003 in total

  One new case of Covid-19 was reported in Cyprus today out of 1445 tests. It's an immigrant that was to be hosted in a care...

Major traffic congestion on Famagusta-Larnaca highway, as thousands return

  Police has advised caution and patience to drivers as thousands return to the capital from coastal resorts. There is increased traffic on the Famagusta-Larnaca highway,...

Health ministry issues heat protection advice as high temperatures continue

  The health ministry issued basic heat protection advice this afternoon, following several Met Office warnings of high temperatures both today and over the next...

Yellow heat warning tomorrow-41 degrees

  The Met Office has issued a yellow heat warning as hot and dry conditions will persist tomorrow, though slightly downgraded in comparison with a...

Ireland delays easing of travel restrictions until July 20, has lowest infection rate in EU

  Ireland will ease quarantine restrictions on people travelling from abroad on July 20, with people arriving from a “green list” of countries with low...

Taste

Cyprus sprouts with cream and prosciutto

In a big, deep frying pan, fry the prosciutto in the olive oil, on medium heat for 2 minutes. Add the onion and garlic...

Pork burger with sundried tomatoes, mozzarella and anchovies

Mix all the ingredients together with the mince in a bowl, and combine well. Divide into 4 balls and form the burgers. Warm a griddle/pan...

Sheftalies

Wash the lamb cauls with plenty of cold water and let them settle in water and vinegar for a little while. Soak the bread crumbs...

Loukaniko Pitsilias – Pitsilia Sausage

Pitsilia sausage is produced in the Pitsilia region from pork minced meat that is “cooked” ( matured) in the dry red wine of the...