ERA Department Stores: Fais Group enters Gencom with 16.67% stake

Fais Holdings, which has links to the Politikos family in Greece, is participating in the consortium of investors that acquired the ERA department stores.

In a recent development, Fais Holdings S.A., trading as Fais Group, acquired a minority stake in the company Gencom Ltd, headquartered in Nicosia. The company is owned by Geniki Emporiki S.A., which is associated with the Politikos family and operates the well-known e-shop and department store in Lamia, Greece.

• Read more: Greek retail giants behind ERA Department Stores acquisition

It is recalled that the four ERA department stores were sold for the symbolic amount of €1.00 to Gencom by Ermes Department Stores Plc, a subsidiary of the CTC Group. The consortium that acquired the ERA stores includes two giants of Greek retail, specialising in clothing, footwear, and beauty: Geniki Emporiki S.A. and Notos Com.

Specifically, as stated in an announcement on the Athens Stock Exchange, GENCOM LTD signed an agreement on 8 May 2025, with Ermes Department Stores Plc for the acquisition of the ERA Department Stores business in Cyprus. These include:

• ERA Mall of Cyprus in Nicosia
• ERA Apollon in Limassol
• ERA Zenon in Larnaca
• ERA Korivos in Paphos

The acquisition was completed for the amount of €1.

It is also noted that Fais Holdings S.A. will participate in a capital increase of €1,495,000, contributing €250,000 through its wholly owned subsidiary ONE OUTLET S.A. – Management and Operation of Outlet Centers, aimed at the commercial development and upgrade of the department stores in question.

Following the completion of the capital increase, Fais Holdings S.A. will hold a 16.67% stake.

The announcement concludes by stating that the completion of the acquisition process is subject to approval by the Cyprus Commission for the Protection of Competition.

About Fais Group

With a presence of over four decades, Fais Group is a leading force in the retail and wholesale sector of clothing, footwear, cosmetics, and accessories. Headquartered in Greece, and active in Bulgaria, Romania, and Cyprus, the group has established a strong footprint in Southeastern Europe.

More recently, the Group has expanded its activities into new sectors, such as real estate, hospitality, food & beverage, and e-commerce.

It specialises in the wholesale distribution of athletic and casual apparel, footwear, and accessories, offering the market strong and innovative brands. The Group maintains a dynamic portfolio of iconic fashion and sports brands, spanning a wide commercial network.

At the same time, the Group leverages multiple distribution channels, placing emphasis on strategic partnerships with key wholesalers and maintaining long-term commercial relationships.

(Source: InBusinessNews)