Bodytalk, the Greek fitness apparel company, is in talks for a stock market launch as it continues to expand both in its own market and abroad. George Leoutsakos, the company’s chief executive, is hoping to raise at least €20 million by floating 10 percent of the equity to help finance retail projects in Romania and several other countries.
The company reported profits of €1.1 million on sales of €10.5 million in 2007, while orders surged by 25 percent for the next fall season. The public offering could take place either in Greece or in Cyprus, where the brand is highly recognized.
In Greece, Bodytalk is preparing to open two new mono-brand stores, in the Athens districts of Kifissia and in Piraeus. This will lift the tally to 13 fully owned stores and 12 franchised stores in Greece. Another retail investment will materialize in Romania, as Bodytalk’s subsidiary in the country will open an exclusive store in the Vitantis mall of Bucharest in September.
At the same time, Bodytalk has opened its first shop-in-shop in Split, Croatia, where a newly appointed distributor started earlier this year. Jeli’c was established among others by Boris Jelic, former manager at the Croatian arm of Tradexco, Puma distributor and Umbro licensee in Croatia until last year. BBV, another company belonging to Jelic and partners, has obtained a new license for Umbro in Croatia and several other Balkan countries. The shop-in-shop features in a store shared with Converse and Nike, operated by MG Sport, one of the upcoming regional retailers in Croatia.
A second shop-in-shop will be opened by Mike Sport in Lebanon next month as part of Bodytalk’s investments in the Middle East. It is finalizing an agreement for the launch of the brand in Jordan, the United Arab Emirates, Saudi Arabia and Qatar next year.
The Greek fitness company will take part in Bread & Butter next week with a booth of about 100 square meters. Bodytalk is among the interesting brands profiled in our in-depth new reports on the sports markets of the Mediterranean Basin, covering Greece as well as Turkey, Cyprus and Malta.
