SPRIDER STORES S.A.
The Greek multinationachain of “Economic Fashion”l
SPRIDER STORES SA, operating in a frag- mented market of approximately 4 million Greek households of total volume of nearly 7 billion euros, is addressing a large part of that market, which represents 2.7 billion euros;
the part that seeks clothing solutions that combine economy, fashion and quality. In this segment, the company today has a market share of about 6% and aims to multiply it by capitalizing on the potential scope of coverage of this market through greater expansion of its branch network in the Greek territory. At the same time it is continuously expanding in the Balkans.
The history of the company began 40 years ago with the founding of the company S. &
P. Argyros by Mr. Athanasios Argyros, the founder of SPRIDER STORES SA, in collabora- tion with his brother Mr. Spiridon Argyros, having as main objective the production and distribution of swimwear and sportswear. In 1978 the company SILVER SA COMMERCIAL AND INDUSTRIAL CLOTHING COMPANY (to- day SPRIDER STORES SA) was founded, based in Agios Dimitrios and with principal object the trading of swimwear and sportswear. In 1982 the company was equipped with modern ma- chinery for cutting and sewing fabric and thus created a network of wholesale sales in Greece while it started its exportation activity in Eu- rope, Asia and the United States of America.
In 1990 the first retail store was inaugurated, and over the coming years the creation of its retail chain followed. In 1999, when the net- work had 11 branches, 80% of the company’s stake was acquired by Hatziioannou Group.
In 2000 SPRIDER Bulgaria was founded in order
in the Balkans, while the acquisition of the company MEGATHLON HELLAS SA, in the same year, marked the beginning of a new era with the company’s entry in the wholesale sector. Furthermore, the license to import and distribute the brand Le Coq Sportif in Greece and Cyprus was secured.
In 2004 the company was listed in the Athens Stock Exchange and began to intensify its expansion nationwide, while in 2006 it entered the Balkan region with the opening of shops in Sofia and Skopje.
In 2007 it expanded its presence in Southeast Europe by entering the Romanian market with five stores, as well as by opening a second store in Sofia, Bulgaria and another one in Limassol, Cyprus.
The Polish market followed in 2008 where the company established a new subsidiary called SPRIDER STORES POLSKA Sp.zo.o. and began the operation of a shop in the city of Poznan.
Today SPRIDER STORES SA has developed a powerful international sales network bran- dishing 113 outlets, 87 in Greece and 26 in Romania, Bulgaria and Cyprus. It is estimated that approximately 10% of the group’s sales come from its foreign subsidiaries.
The year 2010 was difficult for the Greek
retail market which led to the diminishing of the company’s figures. Thus, the consolidated turnover decreased by 11.8% to 144.5 million euros, while consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 6.65 million, recording a decrease of 49.5%. The consolidated loss after tax and minority interest (EATAM) amounted to 10.2 million against loss after tax and minor- ity interest of 4.38 million in 2009.
During the first half of 2011 the pressure con- tinued and consolidated turnover decreased
by 18.4% to 59 million euros, the consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to losses of 773 thousand euros versus profits of 8.8 mil- lion, while profit after tax and minority interest (EATAM) amounted to losses of 8.5 million compared to losses of 408 thousand euros in the corresponding period of 2010.
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