GREECE. Hellenic Duty Free Shops (HDFS) has confirmed the acquisition of a majority stake in Greek sports retailer Elmec Sport for €114.8 million. On Friday we reported that the company was “in advanced discussions” over the purchase.
HDFS has acquired 28.7 million shares at €4 per share from Homeric Department Stores, which is part of the Laskalides Group.
Elmec Sport is the exclusive distributor of Nike apparel and shoes in Greece, Cyprus, Bulgaria and Romania. It is also the distributor for a range of lifestyle brands in the Greek market including Harley Davidson, Gas, Dockers, Brooksfield, Bomb Boogie, Crazy Duck and Pirelli.
HDFS has made no secret of its ambitions to expand its brand distribution portfolio. In July 2006 its subsidiary Hellenic Distributions acquired UK jewellery firm Links London (International).
MORE STORIES ON HELLENIC DUTY FREE SHOPS
Hellenic Duty Free Shops in talks to acquire leading Greek sports retailer – 05/10/07
Hellenic Duty Free Shops posts +24.8% rise in first-half group sales but profits ease – 31/08/07
Links deal spurs Hellenic sales rise but profits slip on fuel losses – 29/05/07
Hellenic Duty Free Shops sales rise +14.8% in 2006 – 15/03/07
