Vasilis Fourlis is changing the DNA of a group with 80 years of history for the third time.

The FOURLIS Group is one of the largest consumer durables trading groups with its commercial activity extending to the countries of Greece, Cyprus, Bulgaria and Romania. The group is one step away from spinning off its real estate sector from its balance sheet, with the real estate investment company Trade Estates preparing for a public offering in the first three days of November. This move bears the signature of Vasilis Fourlis, who took over the reins of the group that began with the manufacture of absorbers, in the fifth decade of its history. A decade during which the company acquired from Marinos Paravalos 51% of the share capital of Kotsovolos, the largest chain of electrical household appliances - which, however, was completely sold in 2005 to the British Dixons (now Curry’s). Five years after the acquisition of Kotsovolos, the third-largest chain of electrical devices, Radio Athinai, also moved to Fourlis.

Moves had also begun to expand abroad. This strategy was facilitated by the change in political conditions in Eastern Europe. In 1996 Genco Romania and Genco Bulgaria were established, focusing on the wholesale of electrical appliances, while in 1999 the group acquired the second-largest chain of electrical goods in the Czech Republic, Europe Technic, and established a wholesale company in the country.

From Production to Franchise

However, the dawn of the millennium finds the company, which had been listed for 10 years, facing the destruction of the factory due to the deadly earthquake in 1999 with its epicenter in Parnitha. Developments accelerate and opening up to representing major houses becomes the focus of the strategy of Fourlis Brothers. Brands such as General Electric, Ariston, Korting, and Samsung are represented in Greece by the group that has already set its course towards franchising two of the most recognizable retail brands in the country, and globally, today. At the end of 1999, the group undertook the franchise of Swedish IKEA in the field of furniture and home equipment, simultaneously with the exclusive representation of Intersport. The production of home appliances is now history for Fourlis.

A significant milestone is the decision to spin off the commercial-industrial sector of Fourlis Brothers and convert it into an investment company, giving it the ability to develop synergies in all sectors among the companies of the group. In 2000, while celebrating 50 years of presence in Greek entrepreneurship, the final form of the group's structure has changed, with the parent Fourlis Holdings controlling a significant number of subsidiary companies

The main activity is the development of wholesale and retail sales networks of consumer products in the sectors of electrical household appliances, electronic items, telecommunications equipment, clothing items (of the British New Look, which few remember today), furniture and other home equipment, already with flagships IKEA and Intersport. In 2001, the operation of the first IKEA store started in Greece.

Focus on Retail

By the end of 2005, for the first time, retail activities accounted for more than 50% of total sales, thanks to IKEA and Intersport, leading the group step by step to divest from the wholesale activity of electrical items, which was completed in 2014. Then, an agreement proceeds for the assumption of franchise rights and the development of The Athlete’s Foot stores in Greece and Turkey. Eight years later, The Athlete’s Foot is sold to TAF Global Holding AG, a subsidiary of Arklyz Group AG, which has acquired the rights to the sports goods trademark globally.

The key moves of 63-year-old Vasilis Fourlis in the current decade are two: the entry into a third retail sector, health and wellness, which is expected to flourish in our country, through Holland & Barrett, and the founding of AEEAP, which will soon be negotiated on the Stock Exchange. As for the latter, the group comes to make a mark in the real estate investment companies sector, introducing to the Stock Exchange a company with a remarkable free float of shares (26% after the IPO and 40% in the medium term).

The aim of the upcoming IPO is to raise capital of 62 million euros, while in the share capital of Trade Estates, Autohellas of Vasilakis' interests and Marianna Latsis' family office already participate.