ECONOMY

Folli Follie?s Japanese network suffers minor damage (update)

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 damage from last week?s powerful earthquake and devastating tsunami.

A branch in the area of Sendai was destroyed, the Athens-based company said in a statement, while three more suffered minor damage.

FF, which is present in 24 countries, has an 85-branch network in Japan.

?Our human capital and their families are all safe. Our offices were fully functioning from the very next day,? the company said.

Shares in FF slumped 10.45 percent to 13.20 euros in late trade on the Athens bourse, versus a 3.97 percent retreat on the broader market.

The country is expected to account for 13.5 percent of FF?s 2010 core earnings, Proton Research said 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.