PRESS RELEASE
SARANTIS Group signed an agreement with the local distributor OLMA Trading Company in Russia, according to which OLMA TC will distribute Sarantis’ products, commencing on October 1st 2007. The agreement is in line with the Group’s new business model of penetrating the market of Russia and completes the revised business penetration model for the newly established markets of Russia, Turkey and Ukraine.
It is mentioned that in Russia, Sarantis Group is distributing “own portfolio” mass-market fragrances and cosmetics such as C-THRU, BU and STR8.
The above agreement with OLMA Trading Company is expected to benefit the Group by maximizing efficiency in distribution, increasing market shares, and improving profitability. The agreement is also expected to eliminate the inefficiencies of the model used so far, which was based on high fixed operating expenses and lacking mass market penetration. At the same time, through the nationwide distribution of OLMA Trading Company, the Group ensures a high return on advertising and promotion expenses.
OLMA Trading Company was established in 1994 and is one of the leading local distributors in Russia with successful operations in a nation wide scale. OLMA Trading Company maintains a distribution network (warehouses, distribution and order-taking) across the country and employees 180 people.
Furthermore, it is reminded that the Group has already signed a distribution agreement with the local distributor CONRIL in Ukraine on May 11th 2007 and with the local distributor EVYAP in Turkey on September 24th 2007.
Additionally, it is worth mentioning that the Group has already initiated a cost cutting program in the same countries (Turkey, Russia and Ukraine) realizing a large part of the fixed costs and compensations during the 1st semester of 2007. The management of the Group has now completed the cost cutting program in all three countries. The related restructuring cost will be reflected in the 9M 2007 period and will not exceed the management’s estimates.
For further assistance, please, do not hesitate to contact the Group’s Investor Relation Department (+30 210 61 73 065, Ms. Eleni Pappa) Contact
SARANTIS Group
26, Amaroussiou - Halandriou Street
151 25 Maroussi, Athens, Greece
Tel: +30 210 6173000
Fax: +30 210 6197081
e-mail: group-info@sarantisgroup.com
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