The shipwreck of Maximos, who flirts with One & Only, put the glasses on them… Luxottica of Greece, the Israelis also sell the clouds in exports – Economic Courier – 2024-08-10 14:52:06

The Mitsotakis government has been at the helm of the country for five years and despite the announcements and the various measures it announces and implements the problem of punctuality cannot be dealt with.

And I am not only referring to the items in the so-called “housewife’s basket”, which includes food, detergents and other items for the daily living of families.

I’m talking about the services that have gone away…, such as the catering but also the ferry tickets.

Especially in the field of shipping, the government has been wrecked…

Coastal transportation

The latest XRTC study published yesterday is highly revealing.

As you will read in the OT, it is not only about how much the tickets have become more expensive from 2019 to 2023 (government of the country by the ND) but also about the oligopoly that has been created in the ferry market as a result of which the competition does not work.

And while the government and its executive state have shown particular enthusiasm for limiting increases and the functioning of competition in supermarkets and energy, however, interests in coastal shipping have not dared to touch them…

Tourism

And the ferry issue is directly linked to tourism, which is the country’s heaviest industry.

And the high prices of sea transportation are very likely to cause a blow to the tourism traffic of the islands. Because those who were forced to pay very expensive tickets for their holidays, it is not certain that they will choose our country and our islands again next year.

And of course the same will happen with domestic tourism. The Greek family is looking for holiday destinations in mainland Greece

The government

Consequently, the communication management carried out by the Maximos Palace and especially the silencing of the issue from the government’s agenda only succeeds in hiding the problem under the carpet.

But the blow to tourism will cost many units to the GDP of the country and to the revenues of the companies involved in the sector and it will not be able to be hidden under any carpet….

Idle…

However, the impression I get from talking to government officials is that the Maximos Palace does not show any intention to intervene in the issue of coastal ferries.

And it is indicative, moreover, that anyone who talks to co-competent ministers will find that one of them throws the ball of blame at the other…

—-

The One & Only in “Asteria”

And after talking about tourism, I want to bring you some news that I learned from the luxury party of…

I learn that delicatessen food suppliers are waiting for the writing samples of the One & Only kitchen “Aesthesis”

In fact, I am informed that they are anticipating the course of demand for luxury meals with caviar and edible gold leaf… These are foods aimed at customers with discerning palates and very heavy wallets. Like those who will stay in the suites of the ultra-luxurious hotel in the former “Asteria” of Glyfada. I am told that some of these suppliers – which are not many – aspire to work with the chain.

In fact, they are preparing to submit good proposals in order to get the job…

—-

Η Luxottica

The Greek market has become a glorious field for luxury brands mainly due to the increased tourist flow, but not only. For example, the revenues of Luxottica Greece in 2023 showed an increase of 9.7% to 29.8 million euros compared to 27.1 million euros in 2022, with net profits in the same period amounting to 5.47 million euros compared to 5 .33 million euros in 2022.

He put the glasses on them…

The company, which has a broad portfolio of popular brands including brands such as Prada, Miu Miu, Dolce & Gabbana, Giorgio Armani, Burberry, Oakley, Vogue and Ray-Ban, has proposed a dividend distribution to major shareholder Luxottica Group SpA of 5.4 million euros from the company’s profits. It is recalled that during the 2023 fiscal year, the amount of 5.3 million euros was accounted for and paid as a dividend to the company’s shareholders.

Luxottica Greece put the glasses… to the other subsidiaries of the multinational.

—-

The Israelis

The Greek economy is driven not only by tourism but also by real estate.

So do you remember the times when the Israelis were buying real estate in Greece like… crazy?

Forget them now…

At least that’s what I’m told by real estate sources who played big ball in previous years. When Golden Visa laid the carpet for the massive inflow of foreign capital. The same sources tell me that many Israelis are rushing to sell their properties.

Under the hammer with unreal prices….

Many times they even ask for unrealistic prices, taking advantage of the strong demand that still exists in real estate.

Especially for apartments in privileged areas of Attica, such as the beach front of the Athenian Riviera and the historical center. However, the question hanging in the market is to what extent the changes to the “golden visa” limit in the featured areas will affect demand…

—

Unpleasant developments

Unlike tourism and real estate, things are difficult for exports.

The asset of the Greek economy during the years of the crisis, turned upside down. I am mainly referring to exports without petroleum products, because this concerns many large and several hundred medium-sized ones. That is, it concerns the market as a whole! The decline that started from April 2023 continues. In the first half of 2024 they lost 4.3% of its value compared to the corresponding period of 2023!

Negative 2024

I asked sources from the export industry if there is a chance that the trend will reverse in the second half and the value of Greek exports will finally close with a positive sign. They were extremely pessimistic because the international environment is – and does not seem to change – gloomy! Therefore their value this year will be reduced compared to 2023. With what this means in the trade balance deficit….

—-