Travel to Russia | Business In Russia: Greece's Folli Opens First Store in Russia

Greek jewellery retailer Folli Follie had opened its first store in Russia and planned to open more soon, as part of its strategy to further expand abroad.

Folli said it opened the store in the heart of Moscow with Bosco di Ciliegi, one of Russia's leading distributors of world luxury brands.

"Due to Russia's strategic geographical position and excellent growth conditions of the local market, Folli's entry is a milestone," Folli Vice President George Koutsolioutsos said in a statement.

Folli sells jewellery, watches and accessories through more than 340 stores in 25 countries in Asia and Europe. The bulk of its turnover comes from Asia.

The firm trades at about 13 times its estimated 2007 earnings compared with a multiple of about 21 for the European luxury goods sector, according to Reuters Estimates.

Analysts attribute the discount to lower brand visibility than its European peers.