RAPAPORT… Greek jeweler Folli Follie has confirmed reports it’s
considering options for offloading its Links of London jewelry business.
The ailing company, which purchased the UK-based chain of
jewelry stores in 2006, has appointed financial advisory company Deloitte and
Savigny to weigh its options for the sale. Folli has been in trouble
financially since the results of an audit showed it had overstated its 2017
revenue by more than EUR 1 billion ($1.11 billion).
Since then, Links of London has been pursuing a turnaround
plan for the business that included closing its US-based retail outlets. Folli
maintains it continues to support that plan.
Image: A Links of London store. (Shutterstock)
Folli Follie Seeks Buyer for Links of London
The Bottom Line
- Folli Follie appointed Deloitte and Savigny to explore options for selling Links of London.
- The company has faced financial difficulties after overstating 2017 revenue by over EUR 1 billion.
- Links of London is undergoing a turnaround plan, including closing US retail stores.
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