Founders of Greek Luxury Goods Empire Folli Follie Jailed

A Folli Follie shop in Hong Kong. Credit: Tungyuemans23/Wikimedia commons

The founders of Folli Follie, the luxury goods manufacturing and retail company, were led into a Greek jail on Wednesday, pending trial on a number of charges, including fraud, money laundering, market manipulation and forgery.

According to the indictment, the chairman of the company, Dimitris Koutsolioutsos, and his son and CEO George Koutsolioutsos, forged bank statements during the period from 2009 to the first quarter of 2018, which were then used to write inaccurate balance sheets and misrepresent the actual state of the company and its stock market profile.

The defendants deny the charges.

The Greek-based company, which manufactures and distributes luxury jewelery, watches and fashion accessories, was established in 1982.

The first shop was in the commercial district of Athens. Folli Follie started out by manufacturing jewelry and in 1994 it launched its line of watches. In 1995 the first overseas store opened, in Japan. It is now ranked among the top 10 brands in luxury goods in Japan, with 80 points of sale.

It is currently active in 25 countries, including the UK, Switzerland, Japan, France, the US, China (where it has more than 120 shops) and Russia.