FER I.K.E., the company, which operates in the retail trade of branded clothing, footwear, and accessories and was acquired this year by Kalogirou Unlimited S.A.
The company, which operates Michael Kors stores in Athens and Thessaloniki, recorded revenue of 1.24 million euros in 2025, compared to just 228,000 euros in 2024, marking an increase of over 440%.
This growth is directly linked to the expansion of its network and, in particular, to the opening of a second Michael Kors store in Thessaloniki in June 2025.
Despite the strong increase in revenue, the bottom line remained under pressure due in part to a significant rise in operating expenses, rent, and depreciation. Losses before taxes amounted to 582 thousand euros, while net losses after taxes totaled 352 thousand euros, though this represented an improvement compared to the 398 thousand euro loss in 2024.
A positive development was the improvement in operating profitability. EBITDA returned to positive territory, amounting to 5.4 thousand euros, compared to a negative 40 thousand euros in 2024.
During the past fiscal year, a share capital increase of 550 thousand euros was carried out, following the capital injection of 1.25 million euros that had taken place in 2024.
However, the company reported negative working capital of 381 thousand euros, as current liabilities exceeded current assets. Management acknowledges the challenge, noting that it is taking measures to ensure the necessary liquidity and to finance further growth.
At the strategic level, the most significant development was the restructuring of operations. In early 2026, the merger of FER with Kalogirou, Unlimited Sport, and Z-Mall was initiated through their absorption by Kalogirou S.A. The goal is to create economies of scale and further strengthen the group’s presence in the designer fashion market.