ECONOMY

Folli Follie eyes opening of 80 new stores

folli-follie-eyes-opening-of-80-new-stores

Jewelry giant Folli Follie is embarking on a new chapter in its life, in the wake of an embezzlement scandal that resulted in founder Dimitris Koutsolioutsos and his son Tzortzis being remanded in custody.

The Greek firm plans to open 80 new stores in the next three years, eyeing a return to profits as of 2022, according to Giorgos Samios, the group’s former chief financial officer who has been appointed chairman and chief executive.

After reaching an agreement with representatives of the company’s creditors this month, the next major challenge for Folli Follie’s administration is the approval of its streamlining plan.