The Fourlis Group is hitting the reset button by implementing an extensive restructuring and transformation program, which the group’s chairman, Vasilis Fourlis, described as a period of “renewal” during the listed company’s annual general meeting, which concluded earlier today, Friday.
As he noted, the group is in the process of implementing the largest technological and organizational transformation in its history, while simultaneously expanding its operations into new sectors and strengthening its existing business activities. “I am confident that through these tactical and strategic moves, the group will continue to strengthen its leading position in the market,” noted Mr. Fourlis.
Fourlis’s restart plan includes a profound technological and organizational transformation, aimed at more effectively addressing multiple challenges, such as the current inflationary pressures that are driving up operating costs, the “perfect storm” that, according to management, is affecting the Romanian market, and the changes currently underway.
The total cost of the program is estimated at €10.7 million and includes, among other things, a voluntary employee exit program and the closure of 10 unprofitable stores. However, starting in 2027, management estimates that these measures will yield recurring annual benefits of at least €9 million.
“2026 is a year of transition, investment, and transformation,” emphasized the group’s CEO, Yannis Vasilakos (photo). For 2026, management forecasts sales of €645 million, a gross profit margin of 46.5%, EBIT between €15 and €17 million, and an EBIT margin ranging from 2.3% to 2.6%.
Through June 6, total sales rose 8%, with the home furnishings segment growing by 4%, the sporting goods business increasing by 16%, and the wellness sector recording a 26% rise.
Estimates and guidance for 2027 will be presented in detail this coming fall. According to Mr. Vasilakos, sales are expected to remain at least at this year’s levels, while protecting and further improving the gross profit margin is a key priority for management.
“We will protect it and strengthen it through better management and optimization of our results,” he said, adding that 2027 is expected to be a significantly better year for the group, despite the loss of €8–10 million in revenue resulting from store closures.
The goal is to accelerate the implementation of the new organizational structure, with the aim of completing the process by September. At the same time, the finalization of the agreement with Golden Age is underway, which, according to management, could be completed as early as June.
Mr. Vasilakos, responding to a shareholder’s question asking him to comment on the involvement of Quest and Mr. Fessas (who now holds 12.5% of Fourlis), said: “He [Fessas] sees Fourlis and believes the future is promising, and he trusts us.”