Links of London sold to Folli Follie

Links of London has been sold to the Greek fashion jewellery company Folli Follie. The British company, which was founded by John Ayton and his wife Annoushka Ducas in 1990, became known for its cuff links, charms and gold and silver creations. Ayton said they have sold 100 percent of the company in a deal valuing it at €45 million. Nevertheless, Ayton will stay on board as chairman and Ducas will remain creative director. He said the need for expansion was the foremost reason for the sale. “We were the brand's creators, but when it came time to roll out stores we couldn't, with our resources, do it rapidly,” Ayton told WWD. “Folli Follie has been phenomenally successful building its business on a global basis. We'd like to do the same.” Links has an annual turnover of approximately £30 million. Ayton wants to take it to £100 million over the next four years and sees the US as a major growth area. It currently accounts for 18 percent of sales, but Ayton would like to increase that to 30 percent. Various stores and shop-in-shops are already in the pipeline for the second half of this year, including two shop-in-shops at Marchall Field's and freestanding stores in Las Vegas and Washington DC . The company will also open its first store in mainland China and a Tokyo flagship later this year. It currently has 119 wholesale accounts worldwide and 31 stand alone stores.

Folli Follie, meanwhile, was founded in the early eighties by husband and wife Dimitris and Ketty Koutsolioutos. The company is listed on the Athens Stock Exchange and specialises in fashion jewellery and accessories. With 280 shops worldwide, the company has annual sales of $318 million (£171 million). The two couples have been friends for six years, according to Ayton. “It was not the highest offer we received, but we're happy with the valuation, and we're very happy with the new home we've found for Links,” he said, adding that he did not regret selling 100 percent of the business. “It was a much cleaner deal, and we're really looking forward to an ongoing involvement with Folli Follie. It's a new chapter for the brand.” Links will be operated separately from its parent and will stay in London .