CHAIRMAN'S MESSAGE

Dear shareholders,

We look back at a challenging and eventful year 2015 influenced by economic uncertainty and geopolitical turmoil. Despite all this Group managed to reach another excellent performance in 2015 based on an effective diversification in terms of business activities and regional exposure.

Our reported consolidated revenue rose by 19,5% while Group net income increased by almost 30%. These sound results were supported by the resilience of our local activities and an exceptional performance of the luxury division.

Our own brands Folli Follie and Links of London recorded an impressive performance driven by dynamic sales and improved profitability. The continuous demand for affordable luxury confirms our strategy and positioning in an industry which continuously gains customers worldwide.

The performance of our domestic operations demonstrated impressively the resilience of our brand portfolio which was enforced in the Beauty and Cosmetics division with the exclusive distribution of Shiseido for the markets Greece and Cyprus.

Our operations in the Balkans continued also during the year 2015 with a remarkable performance in a prosperous market environment.

The Jewellery, Watches and Accessories activity demonstrated its solid performance which accelerated in the last quarter of the year, proving the brands ability to capitalize on the many opportunities available in existing as well as new markets.

The Retail and Wholesale as well as the Department Store activities experienced another year of impressive recovery, translating a growing market share into rising revenues and profitability.

We remain alert regarding the market dynamics and we are ready to adopt our business model in the changing conditions. For 2016 we are focused on our targets and are confident that we will continue to develop our brands irrespective of the challenges in the markets we operate. Our primary target is to safely navigate the Group to the benefit of our shareholders and our employees.

I wish to express my special thanks and appreciation to our customers, our loyal shareholders and colleagues, who achieved with enthusiasm and great commitment these outstanding results.

Thank you for your loyalty and support.
Yours sincerely,

Dimitris Koutsolioutsos
Chairman of the Board of Directors
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