ECONOMY

Colors & Beauty is rejected

Athens-listed construction company Kloukinas-Lappas has decided to end its cooperation with Italian fashion accessory and cosmetics outlet Colors & Beauty. Those in attendance at the Kloukinas-Lappas annual general meeting were informed that the chain’s five stores in Greece (in Athens and Samos) and one in Albania will be used in the future to serve the company’s needs for its existing brands. The deal between the Greek firm and the Italian chain, worth 1.71 million euros, was signed in October 2006 and provided for developing 50 stores across the country within one year. However, the chain’s disappointing performance during this time of economic crisis did not allow full implementation of the plan. The situation looks better for Kloukinas-Lappas in the construction domain, as it retains an outstanding portfolio of contracts, amounting to 16 million euros. It intends to place emphasis on the development of the Early Learning Center toy chain and the Mothercare outlets.