Financial News
Written by: Lin Leqian
2020-06-09 12:05
Last update date: 2020-06-09 12:05According to local media reports, the international jewelry brand Folli Follie will withdraw from Hong Kong across the board. Its Hong Kong operations will be automatically liquidated due to insolvency. All five of its stores will be closed and about 60 employees will be laid off.
Folli Follie is a Greek jewellery and accessories brand. The group's website shows that the group has more than 600 sales points in 31 regions around the world, mainly in Greece, China, Hong Kong and Japan. Folli Follie's five branches in Hong Kong are located at YOHO Mall in Yuen Long, Canton Road in Tsim Sha Tsui, South Horizon Plaza in Ap Lei Chau, Florence Township in Kwai Chung, and SOGO Department Store in Causeway Bay.
According to a group announcement, FF Group Sourcing Limited, a Hong Kong subsidiary of FF, passed the winding-up proposal last week and entrusted Deloitte China Vice Chairman Li Jiaen and partner Ye Huaming as liquidators to ensure the best value of the management company, conduct audits and required investigations To ensure the continuation of the intellectual property portfolio in the Asia-Pacific region and to coordinate with the group restructuring and international business.
Fosun International (0656) is Folli Follie's second largest shareholder, holding approximately 16.37% of the shares.
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