406:"The image we received from reviewing Folli Follie’s (OTCPK:FLLIY) financial statements and official declarations over the year is that of a rapidly-growing multinational fashion company led by double-digit growth in its key segment: Asia. Unfortunately, following an extensive investigative and due diligence work, we find it impossible to reconcile that picture with our findings on the ground, which point to an unprofitable, struggling company with materially smaller, and rapidly decreasing revenue, network size, and cash balances. The core of the issue seems to be concentrated in FF’s Asian and, particularly, Chinese subsidiaries."
27:
828:
421:
accounts for 2017 are likewise been suspended. According to the Greek newspaper
Kathimerini, the auditing firm PwC has refused to certify the accounts for 2017, and attached a list reservations as the reason, among them the discovery of previously undisclosed loans in excess of 100 million euros to an affiliated asian company, without collateral or even interest payments.
734:
416:
Events unfolded rapidly with Folli Follie
Chairman and his wife (both cofounders of the company) quiting the business on September 27. Their son however remained as CEO claiming that his father has all the responsibility for the company's Asian branch misrepresentation of financial figures. Important
375:
top designers who work together to present two collections per year: Autumn/Winter and Spring/Summer. The collection's highlight is the "Premium K" collection which includes limited edition jewellery and accessories pieces. Folli Follie's philosophy is to offer a "full fashion concept" of branded,
420:
During 2019, courts repeatedly refused to halt repossession of collateral and real property by the creditors. Negotiations with strategic investors have reached a deadlock due to the company being unable to obtain protection from creditors. Audited accounts for 2018 have not been produced, and
417:
shareholders like Fosun and Dufry demanded that Mr. Koutsolioutsos resigns his post as also did the union of employees who have appealed for the Greek courts help in order to place the company under a protective status vs its creditors.
396:
The Folli Follie stores were allegedly 518 in 2017 (though this is disputed according to the report of
Quintessential Capital Management. In 2022 there are 95 stores and stockists combined.
1020:
794:
816:
1025:
1030:
761:
305:. It is now ranked amongst the top 10 brands in luxury goods in Japan with 80 points of sale. Folli Follie fully acquired its affiliate in Japan in 2008.
607:
632:
809:
658:
980:
1010:
486:
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Finally on 16.8.2018 a credit event occurred with one of FFs bonds, giving strong indication that
Quintessential's allegations are valid.
861:
1015:
802:
684:
170:
995:
698:
462:"Folli Follie Cmrcl Mfg and Techcl Co SA company : Shareholders, managers and business summary - Athens Stock Exchange: FFGRP"
515:
410:
Following the announcement the FF share price in the Greek stock market tumbled and after a few weeks trading was suspended.
388:
in 2006, with an enterprise value of £45 million. In 2019 it went into administration and closed down all of its 28 stores.
312:. Capital was used to fund growth and geographic expansion. Folli Follie is currently active in 25 countries, including the
985:
448:
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1005:
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26:
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721:"Folli Follie: Εξοργισμένες Fosun και Dufry που απαίτησε την παραίτηση Κουτσολιούτσου"
519:
974:
404:
On May 4, 2018 Quintessential
Capital Management made the fact-based allegation that
57:
954:
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273:-based international company which designs, manufactures and distributes luxury
608:"(Upd)Trading in Folli Follie shares suspended; Fails to provide financial data"
368:
321:
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77:
856:
349:
185:
35:
883:
735:"Folli Folie: Παραίτηση Κουτσολιούτσου και εκποίηση Attica από τις τράπεζες"
720:
274:
136:
762:"Ενδείξεις για νέα "μαύρη τρύπα" 50 εκατ. στη Folli Follie | Η ΚΑΘΗΜΕΡΙΝΗ"
289:
The company was established in 1982 in Greece by
Dimitris Koutsolioutsos (
959:
900:
866:
124:
278:
348:), Taiwan (22 shops), China (more than 120 shops) and Russia (Moscow;
837:
827:
659:"'Πιστωτικό γεγονός' στο ομόλογο της Folli Follie σε ελβετικό φράγκο"
372:
329:
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100:
96:
787:
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905:
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633:"Folli Follie Owner Shares Slump as Short Seller Questions Reach"
562:
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modern jewellery, watches and accessories at affordable prices.
158:
798:
932:
699:"Τζώρτζης Κουτσολιούτσος: Την ευθύνη έχει ο πατέρας μου"
487:"Folli Follie buys out Japanese unit for 12.7 mln eur"
297:). The first shop was in the commercial district of
685:"Ραγδαίες εξελίξεις και αγωνία για τη Folli Follie"
254:
241:
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213:
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183:
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92:
84:
73:
55:
45:
33:
384:Hellenic acquired the British jewellery company
1021:Multinational companies headquartered in Greece
301:. In 1995 the first overseas store opened, in
810:
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440:
438:
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355:Folli Follie employs more than 5,900 people.
8:
19:
817:
803:
795:
18:
587:"Folli Follie: The Other Greek Parmalat?"
308:In 1997, Folli Follie was listed in the
1026:Companies listed on the Athens Exchange
430:
363:The company's design team consists of
1031:Companies in the FTSE/Athex Large Cap
7:
493:. Forbes. 2008-01-29. Archived from
862:Coca-Cola Hellenic Bottling Company
542:"Hellenic acquires Links of London"
352:); it has over 380 points of sale.
14:
826:
25:
232:Dimitris Koutsolioutsos (35.1%)
150:apparel retail and distribution
1:
981:Jewellery companies of Greece
1011:Clothing companies of Greece
741:(in Greek). 15 November 2018
1047:
1016:Companies based in Athens
847:
400:Market Manipulation Fraud
324:, Cardiff & Glasgow;
294:
281:and fashion accessories.
24:
996:Fashion accessory brands
950:Public Power Corporation
121:Dimitris Koutsolioutsos
923:National Bank of Greece
295:Δημήτρης Κουτσολιούτσος
945:Piraeus Port Authority
112:George Koutsolioutsos
80:manufacture and retail
344:), the US (New York;
310:Athens Stock Exchange
16:Greek jewelry company
834:FTSE/Athex Large Cap
687:. 27 September 2018.
259:follifolliegroup.com
986:Jewellery retailers
544:. The Moodie Report
243:Number of employees
235:Fosun International
21:
896:Hellenic Petroleum
567:Folli Follie Group
449:Annual report 2016
41:Folli Follie Group
968:
967:
874:Eurobank Ergasias
842:
497:on April 12, 2008
491:Thomson Financial
264:
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191:€226.91 million
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913:Motor Oil Hellas
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788:Official website
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760:Μπέλλος, Ηλίας.
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540:Moodie, Martin.
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518:. Archived from
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328:), Switzerland (
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176:€262.27 million
171:Operating income
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386:Links of London
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340:area), France (
326:St Enoch Centre
322:New Bond Street
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991:Luxury brands
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841:(2 July 2017)
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522:on 2011-09-30
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1006:Greek brands
1001:Watch brands
955:Titan Cement
940:Piraeus Bank
879:Folli Follie
878:
765:. Retrieved
755:
743:. Retrieved
739:Dikastiko.gr
738:
729:
715:
703:. Retrieved
693:
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667:. Retrieved
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641:. Retrieved
639:. 4 May 2018
636:
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615:. Retrieved
611:
602:
590:. Retrieved
581:
570:. Retrieved
566:
557:
546:. Retrieved
535:
524:. Retrieved
520:the original
516:"Who We Are"
510:
499:. Retrieved
495:the original
490:
481:
469:. Retrieved
465:
456:
419:
415:
412:
409:
405:
403:
395:
383:
380:Acquisitions
362:
354:
307:
288:
267:Folli Follie
266:
265:
216:Total equity
201:Total assets
93:Headquarters
78:Luxury goods
46:Company type
20:Folli Follie
451:ffgroup.com
318:Bond Street
975:Categories
918:Mytilineos
857:Alpha Bank
767:13 January
745:13 January
705:13 January
669:13 January
665:(in Greek)
663:Capital.gr
643:13 January
617:13 January
592:13 January
572:2022-01-28
548:2006-07-27
526:2011-09-21
501:2008-02-26
425:References
350:Red Square
332:), Japan (
186:Net income
108:Key people
36:Trade name
884:GEK Terna
832:Selected
466:4-Traders
316:(London;
275:jewellery
58:Traded as
960:Viohalco
867:Ellaktor
563:"STORES"
143:Services
133:Products
125:Chairman
74:Industry
365:Italian
285:History
279:watches
255:Website
237:(13.9%)
155:Revenue
137:Jewelry
85:Founded
66::
838:Greece
471:10 May
392:Stores
359:Design
330:Geneva
299:Athens
249:(2016)
247:5,079
223:(2016)
208:(2016)
193:(2016)
178:(2016)
163:(2016)
101:Greece
97:Athens
906:Metka
901:Jumbo
373:Greek
369:Swiss
342:Paris
338:Ginza
334:Tokyo
303:Japan
291:Greek
271:Greek
269:is a
229:Owner
68:FFGRP
64:Athex
928:OPAP
769:2021
747:2021
707:2021
671:2021
645:2021
619:2021
594:2021
473:2018
371:and
88:1982
933:OTE
116:CEO
50:S.A
977::
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661:.
635:.
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565:.
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314:UK
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