Folli Follie tightens hold on Hellenic

Gavin Lipsith

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The Greek jewellery company now controls over half the stock in formerly state-owned Hellenic Duty Free Shops

Greek jeweller Folli Follie has raised its stake in national travel retailer Hellenic Duty Free Shops to 52.28%. The company acquired an additional 1.54m shares earlier this week, raising the value of its total holding in Hellenic shares to about €18.5m ($23.4m).

Hellenic Duty Free Shops was formerly a state-controlled monopoly and was privatised in 2003, with Folli Follie the controlling stakeholder. The jewellery company increased its holding in Hellenic to 49.36% in May when it bought a 24.67% stake from telecommunications retailer Germanos.

Hellenic still holds the exclusive rights to operate a total of 85 outlets at airports, ports and borders in Greece until 2048, and recently stated its intention to expand internationally primarily through brand acquisitions.