Folli Follie Group

Greece/ General Retailers

Company update

Investment Research

8 June 2011

Buy
Recommendation unchanged

Share price: EUR

closing price as of 07/06/2011

11.15 13.80 14.60

HDFr.AT/FFGRP GA

Lower valuation on domestic macro woes; Buy rating remains on valuation grounds
Following the release of 1Q 2011 results and the EGM approval of the EUR84.6m share capital increase, we have modified our forecasts and valuation model accordingly. We have factored in a weaker domestic environment and the impact of rising raw material prices (silver, gold) on the gross margin. As a result of the above, we have trimmed our EPS estimates by 2% in FY11 and set our target price at EUR13.80/share (vs. EUR14.60/share previously), which implies a 24% upside potential on current price levels. Excluding the rights issue proceeds and using the current number of shares, our target price is again set at EUR13.80/share. We stick to our Buy rating on valuation grounds and the expected benefits from the strategic partnership with Fosun. We reduced our revenue forecasts for FY11 and FY12 (by 1.1% and 1.9% respectively), mainly to reflect the impact of the new austerity measures and the operation of a new discount outlet village in Athens in June 2011 on the performance of the retail business in Greece. We now look for revenues of EUR1,014m for FY11 (+2.4% y-o-y) as the opening of new stores in the luxury segment and increased tourist inflows will more than offset the weakness in wholesale and retail activities this year. For 2012, we see revenues growing by 5.0% y-o-y to EUR1,064m due to the aggressive expansion of the luxury unit in China in cooperation with the new strategic investor and the positive impact of 2012 Olympic Games on Links of Londons sales. On the EBITDA front, we have reduced our FY11 forecasts by 1.8% to EUR213m to reflect lower revenues and elevated pressure on gross margins from increasing raw material prices (specifically gold and silver). The underlying margin is seen at 21% from 19.5% in 2010, as the synergies from the triple merger and some non-recurring costs that burdened FY10 profits, will improve profitability margins in FY11. Finally, net profits are seen standing at EUR112.9m (+35.5% y-o-y) in 2011, but 2.0% below our previous forecast, while we anticipate an 11% increase to EUR125.7m for 2012 (very close to our previous projections). Folli Follie Group announced a weak set of financials for 1Q 2011, which however exceeded our estimates in all lines. Sales came in at EUR219.2m (-4.4% y-o-y), EBITDA stood at EUR43.5m (-19.9% y-o-y) and net income dropped 21.4% y-o-y to EUR22.9m (18.9% above our estimates). Despite the late timing of Easter, quarterly results revealed a deteriorating environment for the retail division in Greece, encouraging signs for the duty-free operation and pressure on the profitability of the luxury business due to rising raw material prices (gold, silver). On May 19th, the management of Folli Follie (FF) signed a MoU with Fosun International Group, an agreement that among other is expected to assist Folli Follie expanding its presence in China. We are positively inclined on this strategic partnership given the prospects of the Chinese market (economic growth, rising living standards) and Fosuns high financial capacity and access in distribution channels in China. However, we do not expect at this stage any financial benefits seen in 2011 as the two companies have not yet agreed on the scope of their partnership. Recall that on May 26th, shareholders approved the terms of the share capital increase by EUR84.6m through the issue of 6,360,000 new common shares in favour of Fosun, which will hold a 9.5% stake in Folli Follie.
Analyst(s): Dimitris Birbos +30 210 81 73 392 dbirbos@ibg.gr

Target price: EUR

vs Target Price: EUR
Reuters/Bloomberg

Daily avg. no. trad. sh. 12 mth Daily avg. trad. vol. 12 mth (m) Price high 12 mth (EUR) Price low 12 mth (EUR) Abs. perf. 1 mth Abs. perf. 3 mth Abs. perf. 12 mth

29,063 0.34 15.25 8.51 -14.0% -25.2% 3.4%

Market capitalisation (EURm) Current N of shares (m) Free float

Key financials (EUR) Sales (m) EBITDA (m) EBITDA margin EBIT (m) EBIT margin Net Profit (adj.)(m) ROCE Net debt/(cash) (m) Net Debt Equity Net Debt/EBITDA Int. cover(EBITDA/Fin.int) EV/Sales EV/EBITDA EV/EBITDA (adj.) EV/EBIT P/E (adj.) P/BV OpFCF yield Dividend yield EPS (adj.) BVPS DPS 12/10 990 193 19.5% 172 17.3% 88 10.5% 652 1.2 3.4 5.5 1.3 6.7 6.7 7.5 7.6 1.3 4.5% 0.0% 1.45 8.73 0.00 12/11e 1,014 213 21.0% 191 18.8% 116 11.6% 552 0.8 2.6 5.3 1.2 5.7 5.7 6.3 5.8 1.0 10.1% 0.9% 1.92 11.52 0.10

676 61 49%
12/12e 1,064 229 21.5% 206 19.4% 130 12.2% 473 0.6 2.1 5.9 1.1 4.9 4.9 5.5 5.2 0.8 15.4% 0.9% 2.15 13.51 0.10

vv 16 ds v dv sdy

15 14 13 12 11 10 9 8

May 10

Jun 10

Jul 10

Aug 10

Sep 10

Oct 10

Nov 10

Dec 10

Jan 11

Feb 11

Mar 11

Apr 11

May 11

Jun 11

FOLLI FOLLIE GROUP

Source: Factset

Stoxx General Retailers (Rebased)

Shareholders: Koutsolioutsos Dimitris 37%; ATEBank

8%; Fidelity International 6%;

For company description please see summary table footnote

Produced by:

All ESN research is available on Bloomberg: ESNR <go>

Distributed by the Members of ESN

(see last page of this report)

Folli Follie Group

Investment Case
Chinese investor to facilitate expansion plans in China
On May 19th, the management of Folli Follie (FF) signed a MoU with Fosun International Group, an agreement that is expected to assist Folli Follie expanding its presence in China, among others. In particular, Fosun will support Folli Follies efforts to penetrate the fast growing Chinese luxury market in the following ways: 1) Brand awareness: Fosun is engaged in the mass media and advertising industry and can help FF to build its brand name in the country, while it operates one of the biggest online shops in China. 2) Distribution network: Fosun has an extensive network of jewellery shops while it has established cooperation with Bailian group, one of the largest retail groups in China, which operates department stores, shopping malls and convenience stores. Folli Follie could distribute its products (Folli Follie and Links of London brands) through these points of sale, while Fosun can provide access to premium Chinese customers. The strategic cooperation between the two groups will also entail tourism and retail trade in Greece and specifically the attraction of Chinese tourists in the country. This incoming tourist flow will benefit duty free sales (Chinese are regarded as high-spenders tourists) as well as the luxury segment. Recall that Fosun acquired 9.5% of Club Med, which has also presence in Greece (three tourist resorts). FF stores can also operate within Club Med resorts. The two companies will present more details of their partnership in June 2011, while teams from both parties will work on the business plan and ideas on how to benefit from this cooperation. For this reason, no insight was provided for the expansionary plans in China or the financial benefits (in sales and earnings terms) for Folli Follie. Folli Follie will issue 6,360,000 new common nominal shares at EUR 13.30 (the total raised capital will amount to EUR 84.6m), with the preference right of the old shareholders cancelled, in favour of Fosun International. The company held an EGM on May 26th which approved the terms of the share capital increase. Following the completion of the share capital increase, Fosun will own a 9.5% stake in Folli Follie. The CEO of Folli Follie stated that the new equity capital will be channelled towards new investments and debt reduction. We are positively inclined on this strategic partnership given the prospects of the Chinese market (economic growth, rising living standards) and Fosuns high financial capacity and access in distribution channels in China. However, we do not expect at this stage any financial benefits seen in 2011 as the two companies have not yet agreed on the scope of their partnership.

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Folli Follie Group

New set of forecasts

We have reduced our revenue forecasts for FY11 and FY12 (by 1.1% and 1.9% respectively), mainly to reflect the impact of the new austerity measures on the performance of the retail business in Greece and the opening of a new discount outlet village in Athens in June 2011. In addition, we lowered our revenue estimates for the luxury operation (Folli Follie, Links of London) to take into account adverse FX rates (stronger euro) and a more conservative stance for the Japanese operation. On the other hand, the surprisingly robust performance of the duty free operation and especially the encouraging signs for the performance of the Greek tourism industry in 2011, make us more optimistic for the specific business. In particular, we look for revenues of EUR1,014m in FY11, up 2.4% y-o-y as the opening of the new stores in the luxury segment and the increased tourist inflows will more than offset the weakness in wholesale and retail activities. For 2012, we see revenues up 5.0% y-o-y to EUR1,064m due to Folli Follies aggressive expansion in China in cooperation with Fosun and the Olympic Games of London that are expected to boost Links of Londons sales (Links will design the jewellery collection of the Games). In the luxury segment (Folli Follie and Links of London), we look for sales growth of 5.1% yo-y in 2011 as the expansion of the distribution network will more than offset the weakening performance of the Japanese subsidiary. We estimate that the revenues from the luxury division (ex-Japan) will grow 10% y-o-y in 2011 due to the greater penetration in China and other Asian markets. The continuation of store expansion following the strategic partnership with Fosun and the Olympic Games that will be held in London are expected to fuel turnover growth in 2012 (+7.9% y-o-y). A stronger euro creates some concerns for the revenues of the export-oriented luxury unit. On the whole, we see luxury sales at EUR535m for 2011, jumping to EUR577m in 2012. At the recent conference call, the management reiterated its optimism for the performance of the duty free operation on the back of the increased number of visitors and a more favourable mix (more high-spender tourists from Russia, Israel and Turkey). The travel retail unit pleasantly surprised us in 1Q 2011, while the positive effect of the operation of the three new duty-free gas stations in border crossings will be evident from 2Q 2011. For these reasons we upward revise our revenue estimates by 0.5% for 2011 to EUR284m (+10.5% y-o-y) and by 2.8% for 2012 to EUR310m (+9.1% y-o-y) for that division. In relation to the retail and wholesale division (department stores and clothing/footwear), we expect a mid-single digit decrease in FY11 revenues on the back of: 1) the new fiscal measures in Greece that are expected to reduce disposable income and deteriorate consumer sentiment further, 2) the operation of a new discount outlet at Athens International Airport, very close to groups Factory Outlet department that is expected to grasp a material market share amid current economic circumstances and 3) the on-going protests against the government plans that will negatively impact the performance of Folli Follies flagship department store Attica. Specifically, we see department stores to record sales of EUR133m in 2011 (-7.4% y-o-y, 3.5% below our previous forecasts) and clothing/footwear division to post a 6.9% revenue drop to EUR126m (7.5% below our prior estimates). We view that 2012 will be another tough year for the retail/wholesale division as the new fiscal measures that will be adopted in the second half of 2011, will be fully reflected on consumer spending next year. In particularly, we see revenues from department stores down 4% y-o-y to EUR127.6m for 2012, while clothing/footwear sales are seen retreating by 6.6% y-o-y to EUR117.7m.

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Folli Follie Group

Revenue forecasts 2011-2013

EUR m Jewellery - Watch - Accessories y-o-y Travel retail y-o-y Department stores y-o-y Clothing- Footwear y-o-y Other y-o-y Eliminations Total Revenues y-o-y
Source: IBG, The company

2010 508.8 6.3% 257.2 -6.2% 143.6 -6.0% 135.3 -1.5% 7.0 391.6% -62.3 989.6 -0.3%

2011f 535.0 5.1% 284.1 10.5% 133.0 -7.4% 126.0 -6.9% 7.5 7.4% -71.9 1,013.7 2.4%

New vs. Old 0.0% 0.5% -3.5% -7.5% 0.0% -3.4% -1.1%

2012f 577.3 7.9% 310.0 9.1% 127.6 -4.0% 117.7 -6.6% 7.5 0.0% -76.2 1,064.0 5.0%

New vs. Old -0.6% 2.8% -7.7% -13.3% 0.0% -3.1% -1.9%

2013f 587.8 1.8% 321.3 3.6% 129.8 1.7% 118.3 0.6% 7.5 0.0% -77.8 1,086.9 2.1%

New vs. Old -0.2% 2.8% -7.8% -13.7% 0.0% -3.0% -1.8%

On the profitability front, a better mix in travel retail (more visitors from non-EU countries) and the increase of the contribution of the high-margin Chinese market in the luxury segment will mitigate the pressure from increased raw material prices (gold and silver) and a worsening consumer sentiment in Greece. We forecast a slight drop of 40bps in the FY11 gross margin, which is seen at 50.0%, as a result of a weak 1Q 2011, while we look for a 70bps improvement in 2012 to 50.7%. Groups gross profits are now seen at EUR507m (+1.7% y-o-y) in 2011 and EUR525m (+6.4% y-o-y) in 2012. In relation to operating profits (EBITDA), the management reiterated its guidance for synergies amounting to EUR15m from the triple merger. Recall also that 2010 opex were augmented by one-off costs of EUR5.0m relating to the triple merger, the termination of an activity in retail and other expenses associated with marketing events. We assume a lowdigit growth rate in selling (+2.1%) and administrative expenses (+3.0%) for 2011, while we have increased our forecasts on other income (from EUR30m to EUR36m), following their 10% increase in 1Q 2011. We now see groups EBITDA at EUR213m in 2011 (+10.1% y-oy), which is 1.8% below our previous forecast due to our conservative stance on revenues and gross margins. The respective margin is seen at 21% in 2011, up 150bps against last year, an improvement which is attributed to organic growth, cost synergies and nonrecurring expenses recorded in 2010. In 2012, we expect EBITDA to grow by 7.8% to EUR229m on a respective margin of 21.6%. Below the EBITDA line, we have marginally decreased our estimates on the depreciation expenses, while we keep intact our assumptions for the net financial results. Note that the group recorded net profits of EUR0.2m from investments in currency derivatives, when Folli Follie suffered losses of EUR14.m in 2010. The decrease of the statutory corporate tax rate to 20% in 2011 from 24% last year is driving the effective tax rate at 21.0% from 31.8% a year ago. Recall that Greek entities will pay a 10% special tax on the EBT of the previous year for 2011 and 2012. Finally, we look for minorities of EUR1.3m for 2011 (vs. EUR1.7m previously) due to the deteriorating performance of Attica Stores. Taking all these into account, we end up with net profits of EUR112.9m for 2011 (2.0% below our previous forecasts) and EUR125.7m for 2012 (0.4% below our old estimate). We note that our estimates implicitly call for stable FX rates and no gains/losses from FX derivatives, which means that a stronger euro and unforeseen losses from currency forward products represent a downside risk to our numbers.

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Folli Follie Group

P&L forecasts 2011-2013

EUR m Revenues Cost of sales Gross profits Gross margin (%) Other Income Administrative expenses Selling costs Other Expenses Synergies EBIT EBIT Margin (%) Depreciation EBITDA EBITDA Margin (%) Net Financial Results EBT Income Tax % tax rate One-off tax charge Net income before minorities Minorities EAT after minorities Net margin (%)
Source: IBG, The company

2010 989.6 491.1 498.5 50.4% 33.1 55.5 297.8 6.6 171.7 17.3% 21.7 193.3 19.5% -47.0 124.7 34.9 28.0% 4.7 85.1 1.8 83.3 8.6%

2011f 1,013.7 506.8 506.8 50.0% 36.0 57.2 304.1 6.0 15.0 190.5 18.8% 22.3 212.8 21.0% -43.4 147.1 29.4 20.0% 3.5 114.2 1.3 112.9 11.3%

(%) 2.4% 3.2% 1.7% -40 bps 8.9% 3.0% 2.1% -8.4% 11.0% 140 bps 2.7% 10.1% 150 bps -7.5% 17.9% -15.8% -25.1% 34.2% -28.8% 35.5% 270 bps

2012f 1,064.0 524.6 539.5 50.7% 36.0 58.9 319.2 6.0 15.0 206.3 19.4% 23.0 229.3 21.6% -42.2 164.2 32.8 20.0% 4.4 127.0 1.3 125.7 11.9%

(%) 5.0% 3.5% 6.4% 70 bps 0.0% 3.0% 5.0% 0.0% 8.3% 60 bps 3.2% 7.8% 56 bps -3.0% 11.6% 11.6% 24.6% 11.2% 0.0% 11.4% 67 bps

2013f 1,086.9 532.6 554.3 51.0% 36.0 60.7 326.1 6.0 15.0 212.6 19.6% 23.7 236.2 21.7% -39.8 172.8 34.6 20.0% 0.0 138.2 1.5 136.7 12.7%

(%) 2.1% 1.5% 2.8% 30 bps 0.0% 3.0% 2.1% 0.0% 3.0% 16 bps 3.1% 3.0% 18 bps -5.6% 5.2% 5.2% -100.0% 8.8% 15.4% 8.8% 78 bps

The following table summarizes our forecast changes in the key P&L items for the period 2011-2013. The downward revision to our revenue forecasts is attributed to lower revenues from the domestic retail business (department stores, clothing/footwear), while the decrease in our estimates regarding operating and net profits for 2011 resulted from a lower gross margin due to increased raw material prices.

Forecast Changes for the period 2011-2013

EUR m Revenues New Revenues Old New vs. Old (%) EBITDA New EBITDA Old New vs. Old (%) Net Income New Net Income Old New vs. Old (%)
Source: IBG

2011f 1,014 1,025 -1.1% 212.8 216.7 -1.8% 112.9 115.2 -2.0%

2012f 1,064 1,085 -1.9% 229.3 231.6 -1.0% 125.7 126.2 -0.4%

2013f 1,087 1,106 -1.8% 236.2 238.6 -1.0% 136.7 137.4 -0.5%

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Folli Follie Group

Valuation
Following the release of 1Q 2011 results and the EGM approval of the EUR84.6m share capital increase, we have modified our forecasts and valuation model accordingly. We have factored in a weaker domestic environment and the impact of rising raw material prices (silver, gold) on the gross margin. As a result of the above, we have trimmed our EPS estimates by 2% in FY11 and set our target price at EUR13.80/share (vs. EUR14.60/share previously). Excluding the rights issue proceeds and using the current number of shares, our target price is again set at EUR13.80/share. We stick to our Buy rating on valuation grounds and the expected benefits from the strategic partnership with Fosun.

DCF Valuation
Following the signing of a strategic partnership with the Chinese group Fosun International, we are using a 3-stage DCF model for the valuation of Folli Follie Group, since we anticipate fast growth for 2011-2013 and a moderate growth path for 2014-2015. In particular, we have developed explicit cash flow estimates for the period from 2011 to 2013, predicting rapid expansion in China, which will keep working capital needs at relatively high levels. For 2014-2015 we calculate FCF by using a 2.5% growth rate and use a discount rate of 10.5% and a perpetuity growth rate of 1.5%. Following management guidance, we reduced our capex assumption to EUR20m from EUR25m. We set working capital requirements at EUR67.7m for 2011 which will be another year of aggressive expansion and gradually reduce it as we assume better receivables collection. For the calculation of net debt we used our estimates for 2011, including the cash injection by Fosun (c. EUR85m) and stick to an estimated market value of EUR20m for minorities, very close to the book value presented in groups IFRS statements.
Folli Follie Group - DCF Valuation

EUR m Sales EBIT Less: Income Tax Less: Special tax Plus: Depreciation Plus: Change in Provisions Less: CAPEX Less: (WC) Less: Investment in Associates Free Cash Flow to the Firm FCF Growth rate 2014-2015 (%) WACC Time Distance from 31.03.2011 Discount Factor PV of FCFF 2011-2015 Sum of PV of FCFF 2011-2015 Terminal Growth Rate (Perpetuity) Terminal Value (Perpetuity) Enterprise Value Less: Net Debt / (Cash) 2011e Less: Minorities (market value) Equity Value No of shares* Target price

2011f 1,013.7 190.5 29.4 3.5 22.3 0.5 20.0 67.7 0.0 92.7 10.5% 0.75 0.93 86.0 485.5 1.50% 1,012 1,498 552.3 20.0 925 66.9 13.8

2012f 1,064.0 206.3 32.8 4.4 22.8 0.0 20.0 44.1 0.0 127.8 10.5% 1.75 0.84 107.3

2013f 1,086.9 212.6 34.6 0.0 23.4 0.0 20.0 43.2 0.0 138.1 10.5% 2.75 0.76 104.9

2014f

2015f

141.6 2.5% 10.5% 3.75 0.69 97.2

145.1 2.5% 10.5% 4.75 0.62 90.2

Source: IBG, * Number of shares after the share capital increase through the issue of 6,360,000 new common shares

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Folli Follie Group

Our valuation model yields a target price of EUR13.80/share (vs. EUR14.60/share previously) for Folli Follie Group, which implies a 24% upside potential on yesterdays closing price. Note that our new target price takes into account the issue of 6,360,000 new common shares in favour of Fosun. We maintain our Buy recommendation on valuation grounds as well as groups significant growth prospects outside Greece. Excluding the rights issue proceeds and using the current number of shares, our target price is again set at EUR13.80/share. At current levels, we believe that investors are overlooking the growth prospects of the luxury units (Folli Follie brand and Links of London), especially after the strategic partnership with Fosun. The concerns vis--vis the Japanese operation, Greeces negative economic outlook and groups liquidity levels are the main reasons for the stocks recent weak performance, in our view.

Sensitivity on DCF valuation

We provide below a sensitivity analysis of our valuation results with respect to the discount rate and the perpetuity growth rate. Our sensitivity analysis yields a EUR11.90-EUR16.20 price range for Folli Follie Group.

DCF valuation sensitivity WACC and perpetuity rate (in EUR)

Weighted Average Cost of Capital 10.0% Terminal Growth rate
Source: IBG

10.5% 13.00 13.80 14.80

11.0% 11.90 12.60 13.50

1.0% 1.5% 2.0%

14.20 15.10 16.20

Peer Group Analysis

We present a comparison of Folli Follies valuation multiples against a selected sample of international peers that are active in luxury goods, retail trade and travel retail. Note that there is no quoted company directly comparable to Folli Follie due to its extensive scope of operations; therefore any comparison should be made with caution. According to Factset data, Folli Follie trades 6.5x its 2011e net earnings, which indicates a deep discount against its peers. Compared to its luxury peers, Folli Follie trades at a 70% discount in terms of 2011e P/E, a gap that should be attributed to country-specific risks and the concerns on the groups high leverage. In relation to Pandora which is also engaged in affordable luxury, we identify a 20% discount in terms of P/E 11e. We believe that current valuation looks appealing given groups growth prospects and especially the signing of a strategic agreement with Fosun International which is expected to facilitate market penetration in China.

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Folli Follie Group

Peer Group Comparison

Luxury LVMH Hennes & Mauritz AB Christian Dior S.A. Hermes International S.C.A. Swatch Group AG PPR S.A. Coach Inc. Burberry Group PLC Hugo Boss AG Bulgari S.P.A. Tod's S.p.A. Pandora A/S Weighted Average Retailers Gap Inc. Marks & Spencer Group PLC Kingfisher PLC Next PLC Foot Locker Inc Home Retail Group PLC Stockmann Oyj Douglas Holding AG Debenhams PLC Gruppo Coin S.p.A. Jumbo S.A. Fourlis Holdings S.A. Weighted Average Travel Retail Dufry AG Weight Averages Weighted Average Luxury Weighted Average Retailers Weighted Average Travel Retail Average Folli Follie Premium / (Discount) Mkt Cap 57,603 41,482 19,127 19,810 17,445 14,852 11,968 6,407 4,114 3,674 2,795 2,862 Mkt Cap 7,130 6,722 7,367 4,420 2,392 1,900 1,478 1,461 1,015 900 668 242 P/E 11 19.4 22.2 15.4 39.9 17.0 14.0 20.7 22.1 18.1 40.4 21.5 8.1 21.4 P/E 11 12.3 10.8 12.1 9.7 14.6 11.5 31.5 16.0 7.8 10.9 8.5 17.3 12.5 P/E 11 17.2 P/E 11 21.4 12.5 17.2 17.0 6.5 -61.9% P/E 12 17.0 18.9 13.2 35.3 15.0 12.0 18.1 18.9 16.0 30.2 19.1 6.9 18.5 P/E 12 10.3 9.8 10.6 8.9 13.0 10.7 17.2 13.8 7.2 8.3 8.1 12.8 10.6 P/E 12 13.9 P/E 12 18.5 10.6 13.9 14.3 5.7 -60.0% EV/EBITDA 11 10.2 13.7 4.3 21.8 10.1 8.3 11.7 12.4 10.6 20.3 11.8 6.0 11.7 EV/EBITDA 11 4.9 6.0 6.1 6.2 5.8 4.2 13.6 5.4 4.6 4.8 5.6 8.6 6.0 EV/EBITDA 11 9.3 EV/EBITDA 11 11.7 6.0 9.3 9.0 6.2 -31.1% EV/EBITDA 12 8.8 11.7 3.6 19.2 8.6 7.1 10.2 10.3 9.3 16.9 10.4 4.9 10.0 EV/EBITDA 12 4.6 5.6 5.4 5.9 5.0 4.2 10.5 5.0 4.2 3.9 5.2 7.4 5.4 EV/EBITDA 12 7.6 EV/EBITDA 12 10.0 5.4 7.6 7.7 5.4 -28.9%

2,300

676

Source: IBG, Factset database, Data as of 07/06/2011

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Folli Follie Group

1Q 2011 results overview

Folli Follie Group announced a weak set of financials for 1Q 2011, which however exceeded our estimates in all lines. Sales came in at EUR219.2m (-4.4% y-o-y, +1.2% vs. IBG), EBITDA stood at EUR43.5m (-19.9% y-o-y, +11.4% vs. IBG) and net income dropped 21.4% y-o-y to EUR22.9m (18.9% above our estimates). Gross profits amounted to EUR106.8m (-8.7% y-o-y, 2.5% above our estimates) on a 48.7% margin vs. 51.0% in 1Q 2010. Per division, the luxury unit (Folli Follie Links of London) recorded sales of EUR114.3m (1.1% y-o-y, we were expecting 2% growth), travel retail revenues increased by 1% to EUR39m (positive surprise against our numbers), while the revenues from department stores and retail/wholesale trade retreated by 7.4% and 19.6% respectively, to EUR33.7m and EUR30.4m respectively). Net debt shaped at EUR655m in 1Q11 vs. EUR652m. Greek operations accounted to 48% of group revenues (vs. 49.2% in FY10), while the importance of Asian business (including Japan) is higher for the group representing 39.3% of total sales in the quarter (vs. 36.8% in 2010).

Key highlights of 1Q11 financial results

EUR m Jewellery - Watch - Accessories Travel retail Department stores Clothing- Footwear Other Revenues COGS Gross Profit Gross Margin Other Income Administrative Expenses Selling Costs Other Expenses EBIT EBIT Margin Depreciation EBITDA EBITDA Margin Net Financial Results EBT Income Tax Special tax contribution Net Profit before minorities Minorities Net profit after minorities Net margin
Source: IBG, The company

1Q:11 114.4 39.0 33.8 30.4 1.6 219.2 112.4 106.8 48.7% 10.1 12.8 65.7 0.8 37.6 17.1% 6.0 43.5 19.8% -11.1 26.4 3.3 0.0 23.1 0.2 22.9 10.4%

1Q:10 115.7 38.7 36.5 37.8 0.7 229.4 112.5 116.9 51.0% 9.1 11.8 64.0 1.4 48.8 21.3% 5.5 54.3 23.7% -11.2 37.6 7.9 0.0 29.7 0.6 29.1 12.7%

y-o-y -1.1% 0.8% -7.4% -19.6% 128.6% -4.4% -0.1% -8.7% -220 bps 10.9% 8.8% 2.7% -44.5% -23.1% -420 bps 8.5% -19.9% -380 bps -29.7% -57.9% -22.2% -21.4% -220 bps

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Folli Follie Group

The luxury unit (Folli Follie and Links of London brands) recorded revenues of EUR114.4m (-1.1% y-o-y) in 1Q 2011, negatively affected by the Easter period. Gross profits fell 7.4% to EUR63.9m on a respective margin of 55.9% (vs. 59.6% last year) due to increased raw material costs. Accordingly, EBITDA settled at EUR26.6m, down 30.2% y-o-y. According to management, Links of London recorded sales of EUR20m (+14% y-o-y on our numbers). The luxury unit contributed 52% of total sales and 61% of groups EBITDA in 1Q 2011. Revenues from the travel retail trade were slightly up (+0.8% y-o-y) to EUR39.0m in 1Q 2011 despite a 4% drop in traffic. Gross profits dropped 1.9% y-o-y to EUR20.5m, while the respective margin deteriorated by 150bps to 52.6% in the quarterly. Operating profitability shaped at EUR13.4m (+50.6% y-o-y) with the respective margin reaching 34.2% in 1Q 2011 from 23.2% last year. The positive surprise on the EBITDA is attributed to higher other income (from EUR4.4m in 1Q10 to EUR8.3m in 1Q11). Department stores (Attica departments & Factory Outlets) recorded sales of EUR33.8m (7.4% y-o-y), which seems rather resilient given the impact of the late timing of Easter this year and the strikes in the center of Athens. On the positive side, EBITDA was flat at EUR2.5m and therefore the margin improved to 7.3% from 6.7% a year ago. Finally, the retail and wholesale division delivered revenues of EUR30.4m (-19.6% y-o-y) and EBITDA of EUR1.5m (-70.6% y-o-y), negatively affected by the deteriorating consumer sentiment in Greece and the early Easter celebration last year. We highlight the sharp drop in the EBITDA margin in 1Q 2011 (4.9% vs. 13.4% last year).

1Q 11 financial performance per division

EUR m Sales y-o-y Gross profits y-o-y Margin Ebitda y-o-y Margin
Source: IBG, The company

Jewellery - Watch Accessories Travel Retail 114.4 39.0 -1.1% +0.8% 63.9 20.5 -7.4% -1.9% 55.9% 52.6% 26.6 13.4 -30.2% 50.6% 23.2% 34.2%

Department Stores 33.8 -7.4% 9.6 -10.9% 31.7% 2.5 1.2% 7.3%

Retail / Wholesale 30.4 -19.6% 12.6 -27.1% 41.5% 1.5 -70.6% 4.9%

Other 1.6 141.1% 0.24 14.9% -0.4 -21.4%

On the whole, we point out the positive surprise from the travel retail business (despite lower traffic) and the satisfactory performance of the luxury segment given the negative environment in Japan and the later celebration of Easter this year, while the operation of the gas stations will positively affect groups performance from 2Q11.

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Conference call highlights

The key points of Folli Follies conference call are summarized below: The management highlighted that 1Q11 results are not comparable to those in the respective period of 2010 due to the later Easter celebration this year, the first negative signs of the disastrous earthquake in Japan and the pressure in raw material prices in the luxury business, adding that Folli Follie brand did well in a quite difficult environment. Capex will reach EUR20m in 2011, while synergies of c. EUR2.5m were achieved in 1Q11. The management reiterated its guidance for total synergies of EUR15m in 2011. The CEO appeared very optimistic for the performance of travel retail throughout 2011 given the strong performance in April and May and the quality of tourism (high spender tourists from Russia, Israel and Turkey), pointing to an EBITDA margin of 30-32% for the year. The management attributed the weak performance of retail operations (department stores, clothing/footwear) to Easter and the strikes that affected the trading in the center of Athens. Revenues showed some improvement in April-May against 1Q 11, but the environment remains difficult for the retail business. Regarding the performance of the luxury business in April and May, the management revealed that there is acceleration in revenues (with the exception of Japan) and pressure from increased raw material prices. The company disclosed that it will scale down the Japanese operation to preserve its margins and focus on the Chinese market. The management did not provide any guidance for 2011, mentioning that it will come back with some estimates with the announcement of 2Q11 results.

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Folli Follie Group: Summary tables

PROFIT & LOSS (EURm) Sales Cost of Sales & Operating Costs Non Recurrent Expenses/Income EBITDA EBITDA (adj.)* Depreciation EBITA EBITA (adj)* Amortisations and Write Downs EBIT EBIT (adj.)* Net Financial Interest Other Financials Associates Other Non Recurrent Items Earnings Before Tax (EBT) Tax Tax rate Discontinued Operations Minorities Net Profit (reported) Net Profit (adj.) CASH FLOW (EURm) Cash Flow from Operations before change in NWC Change in Net Working Capital Cash Flow from Operations Capex Net Financial Investments Free Cash Flow Dividends Other (incl. Capital Increase & share buy backs) Change in Net Debt NOPLAT BALANCE SHEET & OTHER ITEMS (EURm) Net Tangible Assets Net Intangible Assets (incl.Goodwill) Net Financial Assets & Other Total Fixed Assets Net Working Capital Net Capital Invested Group Shareholders Equity o/w own Shareholders Equity Net Debt Provisions Other Net Liabilities or Assets Net Capital Employed GROWTH & MARGINS Sales growth EBITDA (adj.)* growth EBITA (adj.)* growth EBIT (adj)*growth Net Profit growth EPS adj. growth DPS adj. growth EBITDA margin EBITDA (adj)* margin EBITA margin EBITA (adj)* margin EBIT margin EBIT (adj)* margin 12/2008 937 -746 0.0 191 191 -19.1 172 172 0.0 172 172 -43.1 0.8 0.0 0.0 130 -30.4 23.4% 0.0 -22.3 77 77 12/2008 118 -85.1 32.8 -47.9 -30.7 -45.8 -23.5 -9.4 -79 129 12/2008 297 363 21.1 681 409 1,090 376 261 655 9 50 1,090 12/2008 32.7% 21.0% 19.5% 19.5% 5.8% 12/2009 993 -793 0.0 199 199 -21.9 178 178 0.0 178 178 -31.6 11.8 0.0 0.0 158 -42.5 27.0% 0.0 -1.8 113 121 12/2009 135 -79.7 55.4 -29.3 17.1 43.3 -14.5 -6.3 22 133 12/2009 303 361 26.8 691 478 1,168 441 427 633 14 81 1,168 12/2009 5.9% 4.4% 3.2% 3.2% 56.9% 12/2010 990 -796 0.0 193 193 -21.7 172 172 0.0 172 172 -35.1 -11.9 0.0 0.0 125 -39.6 31.8% 0.0 -1.8 83 88 12/2010 125 -94.8 29.9 -23.2 -18.2 -11.5 -4.1 -3.8 -19 130 12/2010 307 358 40.3 705 580 1,285 544 529 652 14 75 1,285 12/2010 -0.3% -3.0% -3.3% -3.3% -27.1% -27.1% 19.5% 19.5% 17.3% 17.3% 17.3% 17.3% 12/2011e 1,014 -801 0.0 213 213 -22.3 191 191 0.0 191 191 -40.4 -3.0 0.0 0.0 147 -32.9 22.4% 0.0 -1.3 113 116 12/2011e 136 -67.7 68.0 -20.0 0.0 48.0 0.0 52.3 100 152 12/2011e 303 360 40.3 703 648 1,351 713 698 552 14 71 1,351 12/2011e 2.4% 10.1% 11.0% 11.0% 32.3% 32.3% +chg 21.0% 21.0% 18.8% 18.8% 18.8% 18.8% 12/2012e 1,064 -835 0.0 229 229 -22.8 206 206 0.0 206 206 -39.2 -3.0 0.0 0.0 164 -37.2 22.7% 0.0 -1.3 126 130 12/2012e 148 -44.1 104 -20.0 0.0 84.4 -6.0 0.6 79 165 12/2012e 298 362 40.3 700 692 1,392 834 818 473 14 71 1,392 12/2012e 5.0% 7.7% 8.3% 8.3% 11.8% 11.8% 0.0% 21.5% 21.5% 19.4% 19.4% 19.4% 19.4% 12/2013e 1,087 -851 0.0 236 236 -23.4 213 213 0.0 213 213 -36.8 -3.0 0.0 0.0 173 -34.6 20.0% 0.0 -1.5 137 137 12/2013e 160 -43.2 117 -20.0 0.0 96.8 -6.0 0.8 92 170 12/2013e 294 363 40.3 697 735 1,432 965 950 381 14 71 1,432 12/2013e 2.1% 3.0% 3.0% 3.0% 5.1% 5.1% 0.0% 21.7% 21.7% 19.6% 19.6% 19.6% 19.6%

20.4% 20.4% 18.3% 18.3% 18.3% 18.3%

20.1% 20.1% 17.9% 17.9% 17.9% 17.9%

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Folli Follie Group

Folli Follie Group: Summary tables

RATIOS Net Debt/Equity Net Debt/EBITDA Interest cover (EBITDA/Fin.interest) Capex/D&A Capex/Sales NWC/Sales ROE (average) ROCE (adj.) WACC ROCE (adj.)/WACC PER SHARE DATA (EUR)*** Average diluted number of shares EPS (reported) EPS (adj.) BVPS DPS VALUATION EV/Sales EV/EBITDA EV/EBITDA (adj.)* EV/EBITA EV/EBITA (adj.)* EV/EBIT EV/EBIT (adj.)* P/E (adj.) P/BV Total Yield Ratio EV/CE OpFCF yield OpFCF/EV Payout ratio Dividend yield (gross) EV AND MKT CAP (EURm) Price** (EUR) Outstanding number of shares for main stock Total Market Cap Net Debt o/w Cash & Marketable Securities (-) o/w Gross Debt (+) Other EV components Enterprise Value (EV adj.) Source: Company, Marfin Analysis estimates. 12/2008 13.2 60.6 800 655 -73.1 728 94 1,549 12/2009 14.1 60.6 852 633 -119 752 -13 1,472 1.8% 1.4 4.1% 2.1% 12/2008 1.7 8.1 8.1 9.0 9.0 9.0 9.0 12/2009 1.5 7.4 7.4 8.3 8.3 8.3 8.3 7.1 2.0 0.5% 1.3 6.5% 3.8% 12/2008 1.7 3.4 4.4 251.1% 5.1% 43.7% 33.2% 12.1% 10.5% 1.1 12/2008 60.6 12/2009 1.4 3.2 6.3 133.9% 2.9% 48.2% 35.1% 11.7% 10.5% 1.1 12/2009 60.6 1.87 1.99 7.06 12/2010 1.2 3.4 5.5 107.0% 2.3% 58.6% 18.4% 10.5% 10.5% 1.0 12/2010 60.6 1.37 1.45 8.73 0.00 12/2010 1.3 6.7 6.7 7.5 7.5 7.5 7.5 7.6 1.3 0.0% 1.0 4.5% 2.3% 0.0% 0.0% 12/2010 11.0 60.6 664 652 -134 786 -25 1,292 12/2011e 0.8 2.6 5.3 89.9% 2.0% 63.9% 19.0% 11.6% 10.5% 1.1 12/2011e 60.6 1.86 1.92 11.52 0.10 12/2011e 1.2 5.7 5.7 6.3 6.3 6.3 6.3 5.8 1.0 0.9% 0.9 10.1% 5.6% 5.4% 0.9% 12/2011e 11.2 60.6 676 552 -194 746 -20 1,207 12/2012e 0.6 2.1 5.9 87.7% 1.9% 65.0% 17.2% 12.2% 10.5% 1.2 12/2012e 60.6 2.07 2.15 13.51 0.10 12/2012e 1.1 4.9 4.9 5.5 5.5 5.5 5.5 5.2 0.8 0.9% 0.8 15.4% 9.3% 4.8% 0.9% 12/2012e 11.2 60.6 676 473 -233 706 -20 1,128 0.7 17.3% 11.3% 4.4% 0.9% 12/2013e 11.2 60.6 676 381 -285 666 -20 1,037 12/2013e 0.4 1.6 6.4 85.6% 1.8% 67.6% 15.5% 12.2% 10.5% 1.2 12/2013e 60.6 2.26 2.26 15.68 0.10 12/2013e 1.0 4.4 4.4 4.9 4.9 4.9 4.9 4.9 0.7

Notes * Where EBITDA (adj.) or EBITA (adj) or EBIT (adj.)= EBITDA (or EBITA or EBIT) +/- Non Recurrent Expenses/Income **Price (in local currency): Fiscal year end price for Historical Years and Current Price for current and forecasted years ***EPS (adj.) diluted= Net Profit (adj.)/Avg DIL. Ord. (+ Ord. equivalent) Shs. EPS (reported) = Net Profit reported/Avg DIL. Ord. (+ Ord. equivalent) Shs.
Sector: General Retailers/Specialty retailing Company Description: Folli Follie is a diversified group active in the design, production and distribution of affordable luxury brands (watches, jewellery, other accessories), travel retail trade and wholesale and retail trade. Following an aggressive expansion strategy in the previous years, Folli Follie brand has obtained presence in 24 countries with more than 400 points of sale, while the acquisition of Links of London helped Folli Follie to put its foothold in UK and USA. The group is engaged in travel retail trade through Greeces duty free operator monopoly Hellenic Duty Free Shops (HDFS) and wholesale and retail trade in Greece, Romania and Bulgaria.

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Folli Follie Group

ESN Recommendation System

The ESN Recommendation System is Absolute. It means that each stock is rated on the basis of a total return, measured by the upside potential (including dividends and capital reimbursement) over a 12 month time horizon. The ESN spectrum of recommendations (or ratings) for each stock comprises 5 categories: Buy, Accumulate (or Add), Hold, Reduce and Sell (in short: B, A, H, R, S). Furthermore, in specific cases and for a limited period of time, the analysts are allowed to rate the stocks as Rating Suspended (RS) or Not Rated (NR), as explained below. Meaning of each recommendation or rating:

Buy: the stock is expected to generate total return of over 20% during the next 12 months time horizon Accumulate: the stock is expected to generate total return of 10% to 20% during the next 12 months time horizon Hold: the stock is expected to generate total return of 0% to 10% during the next 12 months time horizon. Reduce: the stock is expected to generate total return of 0% to -10% during the next 12 months time horizon Sell: the stock is expected to generate total return under -10% during the next 12 months time horizon Rating Suspended: the rating is suspended due to a capital operation (takeover bid, SPO, ) where the issuer of the document (a partner of ESN) or a related party of the issuer is or could be involved or to a change of analyst covering the stock Not Rated: there is no rating for a company being floated (IPO) by the issuer of the document (a partner of ESN) or a related party of the issuer

History of ESN Recommendation System Since 18 October 2004, the Members of ESN are using an Absolute Recommendation System (before was a Relative Rec. System) to rate any single stock under coverage. Since 4 August 2008, the ESN Rec. System has been amended as follow. Time horizon changed to 12 months (it was 6 months) Recommendations Total Return Range changed as below:
TODAY
SELL REDUCE HOLD ACCUMULATE BUY

-10% BEFORE
SELL REDUCE

0%
HOLD

10%
ACCUMULATE

20%
BUY

-15%

0%

5%

15%

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Folli Follie Group

Disclosure Appendix
The information and opinions in this report were prepared by Investment Bank of Greece, which is regulated by the Bank of Greece (License No: 52/2/17.12.99) and by the Hellenic Capital Market Commission. Investment Bank of Greece has not entered any agreement with the subject companies for the execution of this analysis. This report is for informative purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy, any security. While the information contained herein has been obtained from sources believed to be reliable, we do not represent that it is accurate or complete and it should not be relied upon as such. In producing its research reports, members of Investment Bank of Greece research department may have received assistance from the subject company(ies) referred to in this report. Any such assistance may have included access to sites of the issuers, visits to certain operations of the subject company(ies), meetings with management, employees or other parties associated with the subject company(ies) and the handing by them of historical data regarding the subject company(ies) (financial statements and other financial data), as well as of all publicly available information regarding strategy and financial targets. Investment Bank of Greece research personnel are prohibited from accepting payment or reimbursement of travel expenses from site visits to subject companies. It should be presumed that the author(s) of this report, in most cases, has had discussions with the subject company(ies) to ensure factual accuracy prior to publication. All opinions, projections and estimates constitute the judgment of the author as of the date of the report and are given in good faith, but are subject to change without notice. Prices and availability of financial instruments also are subject to change without notice. Investment Bank of Greece or one of its affiliates or persons connected with it may from time to time buy and sell securities referred herein. Although Investment Bank of Greece does not set a predetermined frequency for publication, if this is a fundamental research report, it is the intention of Investment Bank of Greece to provide research coverage of the subject company(ies), including in response to news affecting this issuer, subject to applicable quiet periods and capacity constraints. Investment Bank of Greece may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any company mentioned in this report. Investment Bank of Greece does and seeks to do business with companies covered in their research reports. Thus, investors should be aware that the firms may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Securities referred to in this research report are subject to investment risks, including the possible loss of the principal amount invested. This report is intended for professional investors only and it is not to be reproduced or copied or reprinted or transmitted for any purpose without permission. We certify that this report has been published in accordance with our conflict management policy and guidelines. According to Investment Bank of Greece policies, the Analysis Department of Investment Bank of Greece is bound by confidentiality, with the exception of data allowed to be published in accordance with the applicable laws. Investment Bank of Greece relies on information barriers to control the flow of information in one or more areas within Investment Bank of Greece organization. The communication between the Analysis Department of Investment Bank of Greece and the other departments of the aforementioned company is restricted by Chinese Walls set between the different departments, so that Investment Bank of Greece can abide by the provisions regarding confidential information and market abuse.

Analyst Certification
The following analysts: Dimitris Birbos hereby certify that the views about the companies and securities contained in this report accurately reflect their personal views and that no part of their compensation was or will be directly or indirectly related to the specific recommendations or views in this report. The analysts mentioned above who prepared this report have the below mentioned financial interests in the companies covered in this reportnone

Important Regulatory Disclosures on Subject Company

The information and opinions in this report were prepared by INVESTMENT BANK of GREECE, which is member of the Athens Exchange S.A. and regulated by the Bank of Greece (License No: 52/2/17.12.99) and by the Hellenic Capital Market Commission. The compensation of the research analysts, strategists, or research associates principally responsible for the preparation of this research report may depend on various factors such as quality of work, stock picking, client feedback and overall firm profitability.

Stock Ratings
You should carefully read the definitions of all ratings used in the research report. Moreover, you should carefully read the entire research report to obtain a clear view of the analysts opinions and not infer its contents from the rating alone.

Marfin Analysis Research Rating Distribution Data current as of 03/06/2011

Marfin Analysis Total Coverage % of companies in each rating category that are investment banking clients Note that we have suspended our rating on 1 company Retail % of companies in each rating category that are investment banking clients

Buy 46% 0%
33% 0%

Accumulate 19% 4%
33% 0%

Hold 31% 8%
33% 0%

Reduce 4% 0%
0% 0%

Sell 0% 0%
0% 0%

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Folli Follie Group

Regulatory Disclosures on Subject Companies

1. As of the date mentioned on the first page of this report, Investment Bank of Greece (or any of its affiliated companies) owns 5% or more of a class of common equity securities in the following companies mentioned in this report: Vivartia, Attica Group, Blue Star Ferries, Hygeia Group, SingularLogic 2. As of the date mentioned on the first page of this report, the following subject companies mentioned in this report own 5% or more of a class of common equity securities of Investment Bank of Greece (or any of its affiliated companies): Marfin Popular Bank 3. Investment Bank of Greece acts as a market maker for the following securities of the subject companies mentioned in this report: Alpha Bank, ATEbank, Bank of Cyprus, Coca Cola Hellenic, EFG Eurobank, Ellaktor, GEK TERNA, Hellenic Exchanges, Hellenic Postbank, Intralot, Mytilineos, National Bank, OPAP, OTE, Piraeus Bank, PPC 4. Within the last 12 months, Investment Bank of Greece has provided advisory services to the following companies mention in this report: Hellenic Postbank 5. Within the last 12 months, Investment Bank of Greece had a contractual relationship or have received compensation for financial advisory services from the following subject companies mentioned in this report: Vivartia, GEK TERNA, Hellenic Postbank, Motor Oil, Euroline, Interinvest, Vivere, Hygeia Group

Rating History
1. 2. 3. 4. 24/05/2011 Buy, Target Price EUR 14.60 18/04/2011 Buy, Target Price EUR 14.60 29/03/2011 Buy, Target Price EUR 15.40 11/01/2011 Buy, Target Price EUR 15.40 (Re-initiation of coverage)

Risks to our forecasts and valuation

Exposure to emerging markets: The company has presence in developing markets with embedded higher FX fluctuations, while the management uses derivatives for hedging purposes that may generate unforeseen losses. Weak macroeconomic environment in Greece, Romania and Bulgaria: Current economic downturn in Greece, Romania and Bulgaria has a negative impact on retail spending, impacting the financial performance of the retail arm. High dependence of the duty free operation on tourist inflows that is out of the managements controls. Volatile tax legislation: Our forecasts and valuation are heavily dependent on any unforeseen changes in the tax legislation (VAT, corporate taxation, extraordinary taxes due to the Greeces urgent fiscal needs). Inherent business risks in wholesale activities that relate to the discontinuation of distribution agreement. Highly competitive environment within the luxury goods markets which command for continuous focus on product innovation. High gearing ratio: The company is quite leveraged which raise concern for its liquidity.

Additional disclosures
1. Additional note to our U.S. readers: This document may be distributed in the United States solely to major US institutional investors as defined in Rule 15a-6 under the US Securities Exchange Act of 1934. Each person that receives a copy, by acceptance thereof, represents and agrees that he/she will not distribute or otherwise make available this document to any other person. 2. All prices and valuation multiples are based on the closing of ATHEXs last session prior to the issue of this report, unless otherwise indicated. 3. Our research reports are available upon request at www.ibg.gr, on Bloombergs IBGR and ESNR functions and on Thomson Reuters website. 4. Additional information is available upon request.

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Disclaimer:
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Folli Follie Group Greece General Retailers