The Olympia Group, an investment group with interests in a number of industries, announced this week it had increased its stake in e-commerce retailer and omnichannel retailer Public-MediaMarkt, operating in Greece and Cyprus, to 98% after a €50 million outlay.
MediaSaturnHolding, which engages in the operation of consumer electronics stores in a number of European countries, has retained a 2% stake.
The group said that Public’s organic growth would be accelerated by the expansion of its product mix, meaning the full range of products made available to customers, throughout the company’s integrated network of 70 physical stores.
“After two years of close cooperation, Public will utilise the experience of MediaMarkt, in order to provide a complete offering in the field of home appliances in addition to the unique culture and technology options for which it stands out,” the company said in a statement.
Olympia Group explained that in the coming years, the company would bring to market a number of additional digital services in order to enhance the experience and value of the Public brand in Greece and Cyprus.
The group said its €50 million investment would support Public’s new strategy, which has been designed after extensive research and after taking into account the best practices of major omnichannel retailers in Europe and the United States.
The strategy includes the launching of new Public concept stores that will combine retail with entertainment, the use of new digital interfaces, as well as the utilisation of modern software and artificial intelligence (AI) tools in order to improve customer experience, provide continuous support and reduce waiting times.
Moreover, the strategy also includes the creation of one of the biggest and modern order fulfilment centres in order to cut down on delivery times.
“Olympia Group remains faithful to its commitment to support the development of its companies and to strengthen them so that they can become leaders in their field,” Olympia Group executive chairman Ioannis Karagiannis said.
“Today’s investment of the Olympia Group in Public is another recognition of our commitment to bring the greatest possible variety, the most competitive prices and unique services to our consumers in Greece and Cyprus,” Karagiannis added.
“We welcome this important investment of the Olympia Group, which will once again put Public at the forefront of the retail market in Greece and Cyprus,” Public-MediaMarkt CEO Robby Bourlas said, adding that “with the new investment, the leading omnichannel retailer on the market becomes even bigger”.
Bourlas concluded by saying that Public “will take full advantage of the synergies from the merger with MediaMarkt”.
Source: Cyprus Mail
