ECONOMY

Korres cosmetics is planning further expansion abroad

Korres Natural Products is planning to open five new stores in London, Munich, Spain and the USA by the end of the year. A new plant is also expected to operate at Inofyta, in southern Viotia, costing about 10.8 million euros. In its nine years of operation, the natural cosmetics company has expanded rapidly both domestically and abroad. It exports products to 25 countries, reaching 600 sales points. In 2003, it started opening its own stores, and now operates three in London and Barcelona through joint ventures. «Our size renders it impossible to support each market by our own means. There are cases where cooperations are the best option,» said the company’s CEO, Giorgos Korres. In Greece, the firm opened its own shops at the Athens airport and in the Attica department store, but it does not intend to open any more. «Our natural space is the pharmacy, with 4,500 colleagues honoring us with their support,» said Korres, a pharmaceutics graduate, adding that the objective of the above two sales points is «the presentation of our brand values to consumers and the support of our export effort through the airport.» In the 2004 financial year, the company’s turnover reached 14.8 million euros, up by 56 percent from 2003, while profits rose considerably to 1.6 million euros. Its exporting activity covered 18-20 percent of its total turnover, against just 7 percent in 2003.