Hellenic targets international acquisitions

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John Rimmer

2-Jun-2006

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The Greek retailer unveiled new ambitions at its annual general meeting on May 31, its first since jeweller Folli Follie doubled its stake in the company

Hellenic Duty Free Shops (HDFS) held its annual general meeting on May 31, with main shareholder Folli Follie pledging its long-term interest in the company. The jeweller increased its stake in the company earlier this year when it acquired the shares held by Germanos, and Hellenic managing director Dimitris Koutsolioutsos hailed the step as "a new era" for the Greek travel retailer.

"We did not arrive at this stage just to exit," he said. "We are here to stay. For us HDFS has been and still remains a strategic investment; an investment with vision, synergies, emotions and expected returns."

At the meeting Koutsolioutsos unveiled a strategy based on three growth drivers: the acquisition of international brands; the development on Greek brands to meet global competition; and support of the country's tourism industry. Hellenic stated its aim to become "a key player in the global environment" and said it would harness Folli Follie's international experience to this effect.

Last week Hellenic published its first-quarter results. Click here for more details.

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