Folli Follie board decides departure of founders


After a marathon session late Tuesday, the board of directors of Folli Follie decided on the departure of Dimitris and Ekaterini Koutsolioutsou – founders, major shareholders and executive members of the company.

The decision came as investment banking company Rothschild resigned as principal financial advisor to the troubled luxury jewellery maker, shortly before the deadline for the publication of the forensic and financial reviews on both in the parent company and its subsidiaries.

Authorities in Greece launched an investigation into the group earlier this year after equity fund Quintessential Capital Management (QCM) alleged the firm had overstated the number of retail outlets it operates worldwide, raising concerns over its reported finances.