Association for Logic, Language and Information

Folli Follie has acquired the brand of its UK-based unit Links of London after an agreement with its administrator, the Greek jewellery maker said on Wednesday.

Folli last November reached a preliminary rescue deal with some of its creditors, four months after an audit revealed a one billion euro hole in its 2017 reported revenue.

Greek jewellery maker Folli Follie said on Friday it wanted to ensure that operations at its wholly owned subsidiary Links of London are not disrupted after the UK-based peer entered administration this week.

Folli said that its board intends to work with the joint administrators of Links of London to ensure that "business continues as a going concern post administration."

Folli Follie's chairman and vice-chairperson stepped down after a preliminary audit of the troubled jewellery maker revealed discrepancies in 2017 financial statements, Folli said on Wednesday.

Folli Follie's effort to restore its credibility is under major threat following the resignation of a series of consultants the listed firm had hired after the revelation in May that its financial data do not reflect reality.

The situation is worsened by the Koutsolioutsos family's reported refusal to withdraw from the front line of the luxury jewelry enterprise's management.

News that a creditor of luxury jewelry maker Folli Follie Group has terminated its loan agreement with the company could be the beginning of the end for the troubled firm, Gabriel Grego, the head of equity fund Quintessential Capital Management (QCM), told Kathimerini on Thursday.

The Greek securities regulator said on Tuesday it had filed a lawsuit against the management of luxury jewelry maker Folli Follie.

The Capital Market Commission said it had sued the board members and financial directors of the Folli Follie group and its Asian business, without giving details of the allegations.

Representatives of the Folli Follie Group and Ernst & Young will meet again on Friday with the Capital Market Commission to hear the confirmation of the stock market watchdog's demand for an independent probe by E&Y into the blue chip company. The meeting will determine the range and timetable of the inspection.