- A new PUBLIC GROUP is founded to expand the product offering and launch innovative digital services for consumers
- Positioned as the leading omnichannel retailer in Greece and Cyprus, with over E500m in revenues and 70 stores and a state-of-the-art eCommerce platform.
- Supports an ecosystem of strategic partnerships and investments in fast growing technology-enabled businesses
Athens, January 10, 2022 – Olympia Group today announced a 50 million Euro investment into the new Public Goup to accelerate the Company’s strategic growth and investment plans. Following the investment, Olympia Group will own 98% of the Public-MediaMarkt venture in Greece and Cyprus, with MediaSaturnHolding remaining with a 2% participation.
Public’s organic growth will be accelerated through the expansion of its product offering across the combined network of 70 directly operated stores, innovative eCommerce platform and focused Marketplace. Following two years of close collaboration, Public will leverage MediaMarkt’s experience to offer a comprehensive Home Appliances range in addition to its core culture and technology products. Over the coming years, a number of additional digital services will be launched to further enhance the Public experience and value proposition in both Greece and Cyprus.
Specifically, Olympia’s 50 million Euro investment will support the delivery of Public’s new customer-centric strategy which is the result of a thorough research into the best practices of leading omnichannel retailers, in Europe and the United States. With a constant focus on the customer, this strategy will be implemented through a number of significant Public initiatives, including:
- The roll-out of new Public concept stores which combine shopping with entertainment, all in impressive, modern and friendly retail spaces that deliver convenience, great value and an exciting shopping experience;
- The introduction of innovative, technology-based, Public customer-focused digital interfaces that enable consumers access to an “endless shelve” regardless of their physical location;
- The combination of the most exciting store proposition with a state-of-the-art e-commerce platform to deliver the best omni-channel experience to customers
- The creation in Aspropyrgos of one of the largest and most modern logistics centers, which together with an increase in the number of dedicated transport vehicles, will significantly improve the speed of delivery to customers around Greece, as well as bring new future options including same day, evening hours, next day and Saturday delivery;
- The introduction of best-in-class software solutions and AI tools in its call center to provide an improved customer experience, including 24/7 digital interactions, significantly reduced waiting times and better response rates
The capital increase will also be used to invest in talent training and development, and for the establishment of an in-house team of 100 tech experts and software developers dedicated to developing customer-focused applications and solutions specifically designed for consumers in Greece and Cyprus.
Public will work more closely with its broad group of trusted suppliers and partners to further enrich the in-store experience and provide customers with access to the latest technology, entertainment and lifestyle products.
The newly established Public Group – with Public as its flagship investment – will encompass an ecosystem of strategic partnerships and investments, such as the investment in Douleutaras, which will bring exciting new offerings and innovative services to customers, both online and in-store.
“Olympia Group remains committed to driving the growth of its portfolio companies and empowering them to become leaders in their sector. Today’s investment into Public proves our continued focus on providing consumers in Greece and Cyprus with the widest assortment, the best available prices and unique services. Thanks to its people and commitment to innovation, Public has become a unique brand that customers love. Today, we are renewing our commitment to bring innovation and value to all our Public customers,” said Ioannis Karagiannis, Executive Chairman of the Olympia Group.
“We welcome this important investment by Olympia, which will once again place Public at the forefront of the retail market in Greece and Cyprus, online and in-store. With this new investment, Greece’s leading omnichannel retailer grows further and is ready to address the needs of the contemporary consumer. With a unique combination of culture, technology products and home appliances, and new, innovative services, we are taking full advantage of the synergies created following the MediaMarkt merger,” adds Robby Bourlas, CEO of the newly established Public Group.