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Links of London is described by Hellenic as “one of the most-recognised British jewellery, watches and luxury brand companies” | |
GREECE/UK. Hellenic Distributions, a 100% subsidiary of Hellenic Duty Free Shops, today signed a binding agreement to acquire British jewellery, watches and luxury firm Links London (International).
The price was revealed as an enterprise value of ₤45 million and a total payable consideration of ₤41 million – representing around 1.47 times sales.
Hellenic described the brand Links of London as “one of the most-recognised British jewellery, watches and luxury brand companies”.
Hellenic said that the UK company has grown rapidly by opening stand-alone boutiques and branded concessions in prestigious department stores (it has 41 points of sale in Europe, North America and Hong Kong).
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Links of London has its sights focused on “significant expansion opportunities in the US, China and Japan, exploiting the know-how developed by [Hellenic] parent company, the Folli Follie Group, in those countries.” |
It said that Links of London has its sights focused on “significant expansion opportunities in the US, China and Japan, exploiting the know-how developed by [Hellenic] parent company, the Folli Follie Group, in those countries”
Links management are confident of more than tripling sales in the next four years to ₤100 million by 2010.
Annousshka Ducas and John Ayton, Links of London founders, will remain with the company. “We have known the Koutsolioutsos family for several years and admire what they have achieved with Folli Follie. We are very much looking forward to work with them and benefiting from their experience in developing an international distribution network and product range. This is a wonderful opportunity for the brand and the company itself,” they commented after the signing of the agreement.
Dimitrios Koutsolioutsos, Chairman of Folli Follie and Managing Director of Hellenic Duty Free Shops said: “The acquisition”¦ is part of our strategy, as recently presented in the Annual General Meeting of the shareholders of Hellenic Duty Free Shops and directly connected with the growth prospects and realization of our targets set for the further promotion of HDFS as an international brand with a significant and leading role in the global retail environment of luxury products.
“Links of London is a recognised and well-established brand with a strong management team and an excellent track record. The synergies resulting from the co-operation with the founders of the company together with the know-how of Folli Follie in the development of international markets will establish Links of London as a global player in the market of luxury goods.”
