Turkish clothing chain LC Waikiki is strengthening its presence in the Greek market.The company, which entered the Greek market in 2018, is claiming a significant share in the fast fashion market, having already become a strong competitor to the Inditex group and H&M.
The Greek subsidiary’s goal is to develop a network of 30 stores by 2026. In 2022, it moved dynamically in this direction by opening four new stores, however, in 2023 it “slowed down” its development plans in terms of the network. In 2023, which is the year with the latest published data, the network was strengthened with a new store, raising LC Waikiki’s total domestic presence to 13 stores.
The reason is said to lie in the fact that the chain is looking for large commercial spaces, as a result of which the rate of expansion in the Greek market appears to be slowing down. However, the same is not true in terms of revenue.
Results
At the end of 2023, the chain’s turnover amounted to 33.2 million euros, recording an increase of 43.7% compared to 2022 when sales totaled 23.1 million euros.
In terms of profitability, the sign remained negative, with losses before taxes amounting to 478 thousand euros and net losses to 561 thousand euros.
It is noted that the first LC Waikiki store in Greece opened in 2018 at the Flamingo shopping center in Xanthi and then expanded to major cities such as Thessaloniki, the Sonae Sierra–Bluehouse discount shopping center in Larissa, the Fashion City Outlet, the Mare West shopping center in Corinth, the Patra Mall in Patras, the River West shopping center and the Piraeus Retail Park, etc.
