The Athlete’s Foot has formalized an agreement with Geonikal Fashion Limited of Larnaca, Cyprus to become The Athlete’s Foot’s master franchisee for the Republic of Cyprus.
Geonikal Fashion is an affiliate of George Alexandrou Best & Less (Clothing) Limited, one of the premier fashion retail companies in Cyprus. The principal activity of George Alexandrou Best & Less (Clothing) Limited is selling and distributing clothing, footwear, and apparel to the middle-low income market segment. George Alexandrou Best & Less (Clothing) Limited operates 12 retail outlets covering all major cities in Cyprus.
Geonikal Fashion has assumed the full operations of three existing The Athlete’s Foot stores and projects a minimum of 10 new stores in the region over the course of the 10-year agreement.
“We are very pleased about the synergies between Geonikal Fashion and The Athlete’s Foot,” said Robert J. Corliss, president and CEO of The Athlete’s Foot. “Geonikal Fashion is a very capable and experienced partner with the ability to source new product lines with better margins. We look forward to a most positive business relationship with Geonikal Fashion,” Corliss adds.
In addition to the Republic of Cyprus, The Athlete’s Foot is heavily pursuing expansion opportunities throughout Europe and the Middle East. The company recently signed franchise agreements with Greece, the United Kingdom, Saudi Arabia, and the United Arab Emirates and is in search of franchise partners for the countries of Germany, Italy, Scandinavia, the Benelux countries, Hungary, Croatia, Slovenia, Slovakia, Latvia, Lithuania, and Estonia.