Jewelry and fashion accessories company Folli Follie sustained losses of 121 million euros during 2019, or 44% less than in 2018, according to results as yet uncertified by chartered accountants.
Operational losses also declined, to about €74 million in 2019 from €156.2 million in 2018, despite turnover shrinking to €203 million from €297 million.
"Considering the current situation and following the guidance of Chinese authorities, Chanel has decided to postpone its project of a replica of the Paris - 31 rue Cambon 2019/20 Métiers d'art collection in May in Beijing to a later and more appropriate moment,"the fashion house said in a statement.
Inspectors of the Capital Market Commission on Thursday carried out a spot check at the headquarters of disgraced listed Greek jewelry retailer Folli Follie in northern Athens, sources have told Kathimerini.
The surprise inspection is seen as part of the Commission's efforts to restructure the company and assign responsibility for its troubles.
The main shareholder of disgraced listed Greek jewelry retailer Folli Follie is seeking to install a new administration at the company's helm and will be petitioning shareholders for the removal of the board's president and three other members and their replacement by executives from the company's existing roster, Kathimerini understands.