ECONOMY

Folli nears buyout of Lapin

Listed jewelry group Folli-Follie announced that it is negotiating the acquisition of children clothing firm Lapin House. «Group officials are already at an advanced stage of negotiations with the main shareholders [of Lapin House], with the two sides orientated toward an initial agreement for share acquisition. The terms are not fully defined yet and remain under negotiation,» a Folli-Follie stock market filing read yesterday. Press reports have suggested that the group’s apparel subsidiary, listed firm Elmec Sport, would conclude the buyout of Lapin within the next few days for about 85 million euros. Lapin is already in cooperation with Folli-Follie in China, under the brand name «Follli-Follie Baby.» The clothing company operates nearly 150 stores in Greece and 11 other countries. Its acquisition by Folli-Follie would go along with the latter’s expansion strategy.