Folli Follie

Jewelry giant Folli Follie is embarking on a new chapter in its life, in the wake of an embezzlement scandal that resulted in founder Dimitris Koutsolioutsos and his son Tzortzis being remanded in custody.

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.

The case of the falsification of financial data by jewelry firm Folli Follie is gradually entering the stage of creditor satisfaction with the confiscation of assets belonging to the Koutsolioutsos family.

Two full years after the scandal broke at Folli Follie, the troubled jewelry company's new management is close to completing its streamlining plan and starting the restructuring process according to the bankruptcy code, Kathimerini understands.

The Quintessential Capital Management fund, whose managing partner Gabriel Grego was instrumental in revealing the true state of Greek jewelry company Folli Follie, has now claimed in a report that music streaming company Akazoo SA will be the next Greek enterprise to crumble. Akazoo, listed on the Nasdaq since last September, is accused of trying to profit at its shareholders' expense.

Just 20 days before the second anniversary of the outbreak of the Folli Follie crisis, the coronavirus pandemic appears to have dealt the troubled jewelry company the fatal blow.

Two years after the scandal of jewelry company Folli Follie broke out, a new bill by the Finance Ministry is seen leading to the strengthening of corporate governance and the institutional shielding of the Greek stock market.

The Court of First instance has accepted an appeal submitted by the Capital Market Commission over the appointment of new members to Greek jewelry makers Folli Follie's board.

The government is mulling a regulation that will suspend the voting rights of shareholders facing charges, such as the allegations against Dimitris Koutsolioutsos, the main stakeholder in jewelry company Folli Follie, on a recommendation by Capital Market Commission head Vassiliki Lazarakou.

The raid conducted on Thursday by a team of inspectors from the Capital Market Commission on the northern Athens headquarters of disgraced jeweler Folli Follie was absolutely necessary, but it was also long overdue.