Folli Follie?s Japan network suffers minor damage
Jewelry retailer Folli Follie (FF), one of Greece?s companies with the largest exposure to Japan, said on Tuesday that its retail network in the Asian country sustained minor damages from last week?s powerful earthquake and devastating tsunami.
?Our human capital and their families are all safe. Our offices were fully functioning from the very next day,? the company said in a statement.
FF, which is present in 24 countries, has an 81-branch network in Japan, according to brokers.
The country is expected to account for 13.5 percent of FF?s 2010 core earnings, said Proton Research on Tuesday.
?We estimate that approximately 40 out of the 81 stores that operate in the region have suffered the largest damage from the earthquake/tsunami and as such, the recovery may be lengthy,? Proton Research said in a note to investors.
Shares in FF were down 2.31 percent at 14.40 euros in early trade on the Athens bourse, versus a 2.60 percent retreat in the broader market.
