Greek naturals player floats on stock exchange

By Simon Pitman

- Last updated on GMT

Related tags: Stock market

Indicative of the huge importance the naturals personal care
segment now has, Greece-based Korres Natural Products has
floated 1.6 million shares on the Athens Stock Exchange, raising a
total of €11.5m.

According to market research specialist Organic Monitor, the company floated on the stock exchange in an effort to raise finance for both domestic and international expansion, a move that should enable it to tap into industry-leading growth within the naturals segment. The company said that, on top of expansion, it would also looking to cut debt, introduce a new naturals cosmetic brand and modernise production at its Athens-based production facilities. According to Korres, international sales should prove a vital part of the company's expansion plans, which has already been flagged by stand-alone retail outlets in London, Barcelona and Helskinki. On top of this it is now planning new store openings in New York, Glasgow, Beijing and a number of Chinese cities during the course of this year. Organic Monitor says that this drive into new market should help to see the company's exports, which currently represent 15 per cent of total revenues, to double during the course of the next few years, driving it to the forefront of the naturals segment. Korres Natural Products reported a 58 per cent sales rise to €26.9m in 2006. Set up by George Korres in 1986, after he bought up the oldest homeopathic pharmacy in Athens, the company expanded into natural cosmetics, which were eventually commercialized under the Korres Natural Products brand in 1996.

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