Formalization of Varagkis – Dromeas Collaboration – Newspaper “KATHIMERINI”

The two listed companies decided to join forces in order to establish a joint export front and benefit from economies of scale in production, in an economic context that encourages consolidation. Thus, Varagkis will assume the exclusive representation of Dromeas office furniture in the United Arab Emirates, Oman, and Qatar until the end of 2012. Having built its presence in the rapidly growing Middle Eastern markets through professional projects, Varagkis is well-positioned to promote the products of the Northern Greek company.

Furthermore, the memorandum of cooperation concluded between the two companies emphasizes the production sector, in which Dromeas has made significant investments. Within this framework, the group will manufacture furniture and items designed by Varagkis and well-known international designers under the “Varagkis” brand, intended exclusively for foreign markets. This collaboration will benefit both parties by making them more outward-looking at a time when such a strategy is required. Entrepreneurs report that the Greek office furniture market has declined by approximately 25% this year compared to last, with revenue losses exceeding 50% over a two-year period, making exports the only viable solution.