Why it belongs in ORBIS
Athens-founded jewelry, watch and accessories brand established in 1982; after a major 2018 accounting-fraud scandal and its founders' 2020 conviction, the label continues trading in Greece through a restructured entity, FF OPSCO.
Folli Follie was established in Athens in 1982, starting as a jewelry manufacturer before launching a watch line in 1994 and opening its first overseas store in Japan in 1995. The company grew into an international accessories retailer before a hedge fund's 2018 investigation found that Folli Follie had overstated its store count and misrepresented its finances; Greek prosecutors found that chairman Dimitris Koutsolioutsos and his son and then-CEO George Koutsolioutsos had forged bank statements between 2009 and early 2018. Greek courts convicted the pair, handing down sentences of 10 to 17 years in 2020, with investigators estimating total losses to investors and creditors at roughly 413 million euros. The Folli Follie brand itself continued trading afterward: its current retail site identifies the operating company as 'FF OPSCO' and lists four active Athens stores alongside an online shop.