Tourism woos other businesses
More and more companies have been looking for additional income from their involvement in tourism in recent years, although their main business has nothing to do with it.
Joining the long list of these companies on Tuesday was MED – listed since last year on the alternative market of the Athens Stock Exchange – which is active in the production and trade of clothing, and mainly swimwear and underwear.
MED announced it will proceed with the absorption of three other companies, which belong to members of its board of directors, with the aim of investing in tourism, as the absorbed companies own plots of land in one of the most popular tourism destinations, at Sani in Halkidiki, Central Macedonia.
According to MED’s statement, the plots of land of the three companies (Onyx, Green Hope and Aganor) have the advantage of being next to each other, so they can be grouped in order to develop tourism projects.
“The upcoming merger is highly beneficial for the company, as it will have the opportunity to expand its activities in areas beyond the production and trading of clothing, and achieve its growth beyond the existing narrow sectoral, commercial boundaries,” MED stated. That is not the only company looking at the tourism industry as an alternative source of income. AS Company, also a listed company on the Athens Stock Exchange, whose main business is the manufacture and sale of toys, has acquired about 10 properties in eastern Crete with the aim of developing tourism accommodation. The company plans to set up subsidiaries to make more efficient use of real estate investments.
Another entrepreneur involved in baby goods retail who entered tourism this year is Stavros Kafounis, owner of Kidscom and president of the Athens Chamber of Commerce. He is also active in tourism through Dalousa Riviera, with a luxury unit at Porto Heli in the eastern Peloponnese.
The Tsatsaronakis family, known for its leading position in the rusks market, already serves tourism, and aspires to develop its activities in the sector further. The family owns a four-star hotel at Kissamos in Hania, and a plot on Elafonisi.
