The company, whose activities include operating Hellenic Duty Free Shops and manufacturing jewelry and handbags, plans to build on common interests with Fosun in retailing, tourism tax- free outlets, Folli-Follie Managing Director George Koutsolioutsos said.
“We are hopeful this will add value and reinforce the brand in China,” Koutsolioutsos said in Athens today at a presentation for the signing of the agreement with Fosun.
Fosun, a diversified company based in Shanghai that wants to invest in luxury brands in Europe, agreed to pay 84.6 million euros ($120.7 million) for the stake in Folli-Follie, according to a statement on May 4. Folli-Follie will issue 6.4 million new shares in favor of Fosun with par value of 0.3 euro each and a traded value of 13.3 euros each.
Folli-Follie, based in Athens, had 652.2 million euros in net debt at the end of last year, according to a company presentation.
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