ECONOMY

Clothing firms expand abroad

As competition intensifies in the retail market with the entry of major multinational groups in Greece, local companies in the sectors of clothing, shoes and accessories with their own recognizable brands are striving to become more outward-looking. Greek firms have penetrated the neighboring markets, particularly those of the Balkans and the Middle East where they can easily expand their activities. This way the groups’ figures grow healthily and expansion is attainable, with examples already being plenty. Listed jewelry and accessories company Folli-Follie shows a remarkable exporting orientation and recently bought out another outward-looking company, the Lapin House children’s clothing firm. For some years now Folli-Follie has seen 54 percent of its sales come from Asia, with Japan accounting for 15 percent. Europe covers 16 percent, while 15 percent of its overall turnover comes from airport and in-flight duty-free sales. The firm runs over 350 stores in 25 countries and is now targeting the Russian market, with the United States to follow. Lapin House has over 140 stores in 12 countries and before its acquisition it had already opened two stores in China in association with Folli-Follie. Sprider Stores is also building its presence abroad, particularly following its buyout by the Hatzioannou Group. The company now has 10 stores in Cyprus, Romania, Bulgaria, Poland and the Former Yugoslav Republic of Macedonia, in addition to 65 in Greece and is planning to open a further 20 in Greece and abroad. ELVE has a long history of activity in Western Europe, exporting its «Arte Maxima,» «Oks» and «My Way» collections to over 920 sale points in countries such as the UK, France, Canada and Ireland. BSB Fashion might not be a listed company but it, too, has a dynamic presence outside Greece. It is currently active in several EU countries, including France, Germany, Ireland, Belgium, Cyprus and the Netherlands and is now expanding through franchising to the Middle East and via an acquisition to Turkey.

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