{"id":330,"date":"2022-10-14T16:09:56","date_gmt":"2022-10-14T16:09:56","guid":{"rendered":"https:\/\/kalimera-skopelos.gr\/2022\/10\/14\/%ce%ad%ce%ba%ce%b8%ce%b5%cf%83%ce%b7-%ce%b5%cf%80%cf%89%ce%bd%cf%85%ce%bc%ce%b9%cf%8e%ce%bd-%ce%ad%ce%bd%ce%b4%cf%85%cf%83%ce%b7%cf%82\/"},"modified":"2022-11-08T16:19:37","modified_gmt":"2022-11-08T16:19:37","slug":"%ce%ad%ce%ba%ce%b8%ce%b5%cf%83%ce%b7-%ce%b5%cf%80%cf%89%ce%bd%cf%85%ce%bc%ce%b9%cf%8e%ce%bd-%ce%ad%ce%bd%ce%b4%cf%85%cf%83%ce%b7%cf%82","status":"publish","type":"post","link":"https:\/\/kalimera-skopelos.gr\/el\/%ce%ad%ce%ba%ce%b8%ce%b5%cf%83%ce%b7-%ce%b5%cf%80%cf%89%ce%bd%cf%85%ce%bc%ce%b9%cf%8e%ce%bd-%ce%ad%ce%bd%ce%b4%cf%85%cf%83%ce%b7%cf%82\/","title":{"rendered":"\u0388\u03ba\u03b8\u03b5\u03c3\u03b7 \u03b5\u03c0\u03c9\u03bd\u03c5\u03bc\u03b9\u03ce\u03bd \u03ad\u03bd\u03b4\u03c5\u03c3\u03b7\u03c2"},"content":{"rendered":"

\u03a0\u03c1\u03b9\u03bd \u03b1\u03c0\u03cc \u03bc\u03b5\u03c1\u03b9\u03ba\u03ad\u03c2 \u03b5\u03b2\u03b4\u03bf\u03bc\u03ac\u03b4\u03b5\u03c2, \u03ae\u03bc\u03bf\u03c5\u03bd \u03c0\u03c1\u03bf\u03c3\u03ba\u03b5\u03ba\u03bb\u03b7\u03bc\u03ad\u03bd\u03bf\u03c2 \u03bf\u03bc\u03b9\u03bb\u03b7\u03c4\u03ae\u03c2 \u03ba\u03b1\u03c4\u03ac \u03c4\u03b7 \u03b4\u03b9\u03ac\u03c1\u03ba\u03b5\u03b9\u03b1 \u03c4\u03b7\u03c2 \u03b1\u03c0\u03bf\u03ba\u03bb\u03b5\u03b9\u03c3\u03c4\u03b9\u03ba\u03ae\u03c2 \u03ba\u03bb\u03ae\u03c3\u03b7\u03c2 \u03b5\u03b9\u03b4\u03b9\u03ba\u03ce\u03bd \u03c4\u03bf\u03c5 RBC. \u039f Richard Chamberlain \u03ba\u03b1\u03b9 \u03b5\u03b3\u03ce \u03c3\u03c5\u03b6\u03b7\u03c4\u03ae\u03c3\u03b1\u03bc\u03b5 \u03c3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03b9\u03c2 \u03b4\u03b9\u03b1\u03ba\u03bf\u03c0\u03ad\u03c2 \u03ba\u03b1\u03b9 \u03c4\u03bf\u03c5\u03c2 \u03c0\u03b5\u03c1\u03b9\u03bf\u03c1\u03b9\u03c3\u03bc\u03bf\u03cd\u03c2<\/a> \u03c4\u03b7\u03c2 \u03b5\u03c6\u03bf\u03b4\u03b9\u03b1\u03c3\u03c4\u03b9\u03ba\u03ae\u03c2 \u03b1\u03bb\u03c5\u03c3\u03af\u03b4\u03b1\u03c2, \u03c4\u03b7 \u03b2\u03b9\u03c9\u03c3\u03b9\u03bc\u03cc\u03c4\u03b7\u03c4\u03b1<\/a>, \u03c4\u03b7\u03bd \u03c0\u03b5\u03c1\u03b9\u03c3\u03c4\u03b1\u03c3\u03b9\u03b1\u03ba\u03ae \u03c0\u03c1\u03bf\u03c3\u03b1\u03c1\u03bc\u03bf\u03b3\u03ae \u03ae \u03c4\u03bf\u03bd \u03bc\u03b5\u03c4\u03b1\u03c3\u03c7\u03b7\u03bc\u03b1\u03c4\u03b9\u03c3\u03bc\u03cc<\/a> \u03bb\u03b9\u03b1\u03bd\u03b9\u03ba\u03ae\u03c2. \u03a4\u03b7\u03bd \u03c0\u03b5\u03c1\u03b1\u03c3\u03bc\u03ad\u03bd\u03b7 \u03b5\u03b2\u03b4\u03bf\u03bc\u03ac\u03b4\u03b1, \u03b7 Royal Bank of Canada Capital<\/em> Markets \u03b4\u03b7\u03bc\u03bf\u03c3\u03af\u03b5\u03c5\u03c3\u03b5 \u03c4\u03bf European General Retail primer. \u03bf\u03b9 \u03b9\u03c3\u03c7\u03c5\u03c1\u03bf\u03af \u03b3\u03b9\u03b1 \u03bd\u03b1 \u03b3\u03af\u03bd\u03bf\u03c5\u03bd \u03b9\u03c3\u03c7\u03c5\u03c1\u03cc\u03c4\u03b5\u03c1\u03bf\u03b9, \u03bc\u03b9\u03b1 \u03ad\u03ba\u03b8\u03b5\u03c3\u03b7 \u03c0\u03bf\u03c5 \u03c0\u03b1\u03c1\u03bf\u03c5\u03c3\u03b9\u03ac\u03b6\u03b5\u03b9 \u03c4\u03b9\u03c2 \u03c0\u03b9\u03bf \u03c0\u03c1\u03cc\u03c3\u03c6\u03b1\u03c4\u03b5\u03c2 \u03c4\u03ac\u03c3\u03b5\u03b9\u03c2 \u03c4\u03b7\u03c2 \u03b1\u03b3\u03bf\u03c1\u03ac\u03c2, \u03bf\u03b9\u03ba\u03bf\u03bd\u03bf\u03bc\u03b9\u03ba\u03ac \u03b1\u03c0\u03bf\u03c4\u03b5\u03bb\u03ad\u03c3\u03bc\u03b1\u03c4\u03b1, \u03c0\u03bb\u03b7\u03c1\u03bf\u03c6\u03bf\u03c1\u03af\u03b5\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03bf\u03bd \u03c0\u03bb\u03b7\u03b8\u03c9\u03c1\u03b9\u03c3\u03bc\u03cc, \u03bc\u03b9\u03b1 \u03c0\u03c1\u03bf\u03bf\u03c0\u03c4\u03b9\u03ba\u03ae \u03c3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03bf ESG, \u03ad\u03c1\u03b5\u03c5\u03bd\u03b5\u03c2 \u03c4\u03b9\u03bc\u03bf\u03bb\u03cc\u03b3\u03b7\u03c3\u03b7\u03c2 \u03ae \u03b1\u03bd\u03b1\u03bb\u03cd\u03c3\u03b5\u03b9\u03c2 SWOT<\/a>.<\/p>\n

\u03a4\u03bf \u03c0\u03b1\u03c1\u03b1\u03ba\u03ac\u03c4\u03c9 \u03ac\u03c1\u03b8\u03c1\u03bf \u03b5\u03af\u03bd\u03b1\u03b9 \u03bc\u03b9\u03b1 \u03b5\u03c0\u03b9\u03bc\u03b5\u03bb\u03b7\u03bc\u03ad\u03bd\u03b7 \u03b5\u03c0\u03b9\u03bb\u03bf\u03b3\u03ae \u03c0\u03bb\u03b7\u03c1\u03bf\u03c6\u03bf\u03c1\u03b9\u03ce\u03bd \u03b1\u03c0\u03cc \u03c4\u03b7\u03bd \u03b1\u03bd\u03b1\u03c6\u03b5\u03c1\u03cc\u03bc\u03b5\u03bd\u03b7 \u03b1\u03bd\u03b1\u03c6\u03bf\u03c1\u03ac:<\/p>\n

\u00ab\u0394\u03bf\u03bc\u03b9\u03ba\u03ad\u03c2 \u03c4\u03ac\u03c3\u03b5\u03b9\u03c2 \u03b3\u03b9\u03b1 \u03bd\u03b1 \u03b5\u03c0\u03b9\u03b2\u03b5\u03b2\u03b1\u03b9\u03c9\u03b8\u03bf\u03cd\u03bd \u03b5\u03ba \u03bd\u03ad\u03bf\u03c5<\/strong>. \u0391\u03bd\u03b1\u03bc\u03ad\u03bd\u03bf\u03c5\u03bc\u03b5 \u03bd\u03b1 \u03b5\u03c0\u03b9\u03b2\u03b5\u03b2\u03b1\u03b9\u03c9\u03b8\u03bf\u03cd\u03bd \u03b5\u03ba \u03bd\u03ad\u03bf\u03c5 \u03bf\u03b9 \u03b1\u03ba\u03cc\u03bb\u03bf\u03c5\u03b8\u03b5\u03c2 \u03b4\u03b9\u03b1\u03c1\u03b8\u03c1\u03c9\u03c4\u03b9\u03ba\u03ad\u03c2 \u03c4\u03ac\u03c3\u03b5\u03b9\u03c2:<\/p>\n

1) \u03a0\u03cc\u03bb\u03c9\u03c3\u03b7 \u03c3\u03c4\u03b7\u03bd \u03b1\u03c0\u03cc\u03b4\u03bf\u03c3\u03b7<\/strong>, \u03bc\u03b5 \u03c4\u03bf\u03c5\u03c2 \u03b9\u03c3\u03c7\u03c5\u03c1\u03cc\u03c4\u03b5\u03c1\u03bf\u03c5\u03c2 \u03bb\u03b9\u03b1\u03bd\u03bf\u03c0\u03c9\u03bb\u03b7\u03c4\u03ad\u03c2 \u03bd\u03b1 \u03b5\u03c0\u03c9\u03c6\u03b5\u03bb\u03bf\u03cd\u03bd\u03c4\u03b1\u03b9 \u03b1\u03c0\u03cc \u03c4\u03b7\u03bd \u03ba\u03bb\u03af\u03bc\u03b1\u03ba\u03b1, \u03c4\u03b9\u03c2 \u03c3\u03c7\u03ad\u03c3\u03b5\u03b9\u03c2 \u03bc\u03b5 \u03c4\u03bf\u03c5\u03c2 \u03c0\u03c1\u03bf\u03bc\u03b7\u03b8\u03b5\u03c5\u03c4\u03ad\u03c2 \u03ba\u03b1\u03b9 \u03c4\u03b7\u03bd \u03b9\u03c3\u03c7\u03cd \u03c4\u03bf\u03c5\u03c2 \u03c3\u03c4\u03b7\u03bd \u03c4\u03b9\u03bc\u03bf\u03bb\u03cc\u03b3\u03b7\u03c3\u03b7.<\/p>\n

2) \u039f\u03b9 \u03bb\u03b9\u03b1\u03bd\u03bf\u03c0\u03c9\u03bb\u03b7\u03c4\u03ad\u03c2 \u03c0\u03b1\u03bd\u03c4\u03cc\u03c2 \u03ba\u03b1\u03bd\u03b1\u03bb\u03b9\u03bf\u03cd<\/strong> \u03b3\u03b9\u03b1 \u03bd\u03b1 \u03ba\u03b5\u03c1\u03b4\u03af\u03c3\u03bf\u03c5\u03bd \u03bc\u03b5\u03c1\u03af\u03b4\u03b9\u03bf, \u03ba\u03b1\u03b8\u03ce\u03c2 \u03bf\u03b9 \u03bc\u03b5\u03b9\u03ce\u03c3\u03b5\u03b9\u03c2 \u03c7\u03ce\u03c1\u03bf\u03c5 \u03bc\u03b5\u03b9\u03ce\u03bd\u03bf\u03bd\u03c4\u03b1\u03b9 \u03ba\u03b1\u03b9 \u03ba\u03b1\u03b8\u03ce\u03c2 \u03bf\u03b9 \u03ba\u03b1\u03c4\u03b1\u03bd\u03b1\u03bb\u03c9\u03c4\u03ad\u03c2 \u03b1\u03bd\u03b1\u03b6\u03b7\u03c4\u03bf\u03cd\u03bd \u03c0\u03b5\u03c1\u03b9\u03c3\u03c3\u03cc\u03c4\u03b5\u03c1\u03b7 \u03ac\u03bd\u03b5\u03c3\u03b7 \u03b3\u03b9\u03b1 \u03bd\u03b1 \u03c4\u03b1\u03b9\u03c1\u03b9\u03ac\u03b6\u03bf\u03c5\u03bd \u03c3\u03c4\u03bf\u03bd \u03c0\u03b9\u03bf \u03b5\u03c5\u03ad\u03bb\u03b9\u03ba\u03c4\u03bf \u03c4\u03c1\u03cc\u03c0\u03bf \u03b6\u03c9\u03ae\u03c2 \u03c4\u03bf\u03c5\u03c2.<\/p>\n

3) \u03a5\u03c0\u03b5\u03c1\u03b1\u03c0\u03cc\u03b4\u03bf\u03c3\u03b7 \u03bc\u03b5 \u03ad\u03ba\u03c0\u03c4\u03c9\u03c3\u03b7<\/strong> \u2013 \u03bc\u03b5 \u03c4\u03bf\u03c5\u03c2 \u03c0\u03b5\u03bb\u03ac\u03c4\u03b5\u03c2 \u03bd\u03b1 \u03c3\u03c5\u03bd\u03b5\u03b9\u03b4\u03b7\u03c4\u03bf\u03c0\u03bf\u03b9\u03bf\u03cd\u03bd \u03c0\u03b5\u03c1\u03b9\u03c3\u03c3\u03cc\u03c4\u03b5\u03c1\u03bf \u03c4\u03b9\u03c2 \u03c4\u03b9\u03bc\u03ad\u03c2 \u03ba\u03b1\u03b9 \u03c4\u03b9\u03c2 \u03b5\u03ba\u03c0\u03c4\u03ce\u03c3\u03b5\u03b9\u03c2 \u03bd\u03b1 \u03b1\u03c0\u03b5\u03c5\u03b8\u03cd\u03bd\u03bf\u03bd\u03c4\u03b1\u03b9 \u03c0\u03b5\u03c1\u03b9\u03c3\u03c3\u03cc\u03c4\u03b5\u03c1\u03bf \u03c3\u03c4\u03bf\u03c5\u03c2 \u03b1\u03b3\u03bf\u03c1\u03b1\u03c3\u03c4\u03ad\u03c2 \u03bc\u03b5\u03c3\u03b1\u03af\u03bf\u03c5 \u03b5\u03b9\u03c3\u03bf\u03b4\u03ae\u03bc\u03b1\u03c4\u03bf\u03c2, \u03b1\u03bd \u03ba\u03b1\u03b9 \u03bf\u03b9 \u03b5\u03ba\u03c0\u03c4\u03c9\u03c4\u03ad\u03c2 \u03b5\u03af\u03bd\u03b1\u03b9 \u03c0\u03b9\u03b8\u03b1\u03bd\u03cc \u03bd\u03b1 \u03b1\u03bd\u03c4\u03b9\u03bc\u03b5\u03c4\u03c9\u03c0\u03af\u03c3\u03bf\u03c5\u03bd \u03c0\u03b9\u03ad\u03c3\u03b5\u03b9\u03c2 \u03c0\u03b5\u03c1\u03b9\u03b8\u03c9\u03c1\u03af\u03bf\u03c5 \u03ba\u03ad\u03c1\u03b4\u03bf\u03c5\u03c2.<\/p>\n

4) \u03a5\u03b3\u03b9\u03b5\u03b9\u03bd\u03bf\u03af \u03c4\u03c1\u03cc\u03c0\u03bf\u03b9 \u03b6\u03c9\u03ae\u03c2<\/strong> \u2013 \u03bb\u03cc\u03b3\u03c9 \u03c4\u03b7\u03c2 \u03b1\u03c5\u03be\u03b7\u03bc\u03ad\u03bd\u03b7\u03c2 \u03c3\u03c5\u03bd\u03b5\u03af\u03b4\u03b7\u03c3\u03b7\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03b1 \u03bf\u03c6\u03ad\u03bb\u03b7 \u03c4\u03b7\u03c2 \u03c5\u03b3\u03b9\u03b5\u03b9\u03bd\u03ae\u03c2 \u03b4\u03b9\u03b1\u03c4\u03c1\u03bf\u03c6\u03ae\u03c2 \u03ba\u03b1\u03b9 \u03b4\u03b9\u03b1\u03b2\u03af\u03c9\u03c3\u03b7\u03c2. \u0391\u03c5\u03c4\u03cc \u03c3\u03c5\u03bc\u03b2\u03ac\u03bb\u03bb\u03b5\u03b9 \u03c3\u03b5 \u03ad\u03bd\u03b1\u03bd \u03b1\u03ba\u03cc\u03bc\u03b1 \u03b4\u03c5\u03bd\u03b1\u03bc\u03b9\u03ba\u03cc<\/a> \u03c4\u03bf\u03bc\u03ad\u03b1 \u03b1\u03b8\u03bb\u03b7\u03c4\u03b9\u03ba\u03ae\u03c2 \u03bc\u03cc\u03b4\u03b1\u03c2.<\/strong> <\/p>\n

5) \u03a4\u03ad\u03bb\u03bf\u03c2, \u03bc\u03b5 \u03c4\u03b7\u03bd \u03b5\u03c0\u03b9\u03c6\u03cd\u03bb\u03b1\u03be\u03b7 \u03c4\u03c9\u03bd \u03c0\u03b5\u03c1\u03b9\u03bf\u03c1\u03b9\u03c3\u03bc\u03ce\u03bd \u03c0\u03bf\u03c5 \u03c3\u03c7\u03b5\u03c4\u03af\u03b6\u03bf\u03bd\u03c4\u03b1\u03b9 \u03bc\u03b5 \u03c4\u03bf\u03bd Covid, \u03b2\u03bb\u03ad\u03c0\u03bf\u03c5\u03bc\u03b5 \u03c0\u03b9\u03b8\u03b1\u03bd\u03cc\u03c4\u03b7\u03c4\u03b5\u03c2 \u03b5\u03c0\u03b9\u03c3\u03c4\u03c1\u03bf\u03c6\u03ae\u03c2<\/strong> \u03c4\u03b1\u03be\u03b9\u03b4\u03b9\u03c9\u03c4\u03b9\u03ba\u03ce\u03bd \u03ba\u03b1\u03b9 \u03b2\u03b9\u03c9\u03bc\u03b1\u03c4\u03b9\u03ba\u03ce\u03bd \u03b4\u03b1\u03c0\u03b1\u03bd\u03ce\u03bd, \u03bc\u03b5 \u03bf\u03c1\u03b9\u03c3\u03bc\u03ad\u03bd\u03b5\u03c2 \u03b5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ad\u03c2 \u03b4\u03b1\u03c0\u03b1\u03bd\u03ce\u03bd \u03bc\u03b1\u03ba\u03c1\u03b9\u03ac \u03b1\u03c0\u03cc \u03ba\u03b1\u03c4\u03b7\u03b3\u03bf\u03c1\u03af\u03b5\u03c2 \u03c0\u03bf\u03c5 \u03ba\u03b5\u03c1\u03b4\u03af\u03b6\u03bf\u03c5\u03bd Covid, \u03cc\u03c0\u03c9\u03c2 \u03c4\u03bf \u03bb\u03b9\u03b1\u03bd\u03b9\u03ba\u03cc \u03b5\u03bc\u03c0\u03cc\u03c1\u03b9\u03bf \u03c0\u03bf\u03c5 \u03c3\u03c7\u03b5\u03c4\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03bc\u03b5 \u03c4\u03bf \u03c3\u03c0\u03af\u03c4\u03b9\u00bb.<\/p>\n

\u0394\u0399\u0391\u039a\u039f\u03a0\u0395\u03a3 \u0391\u039b\u03a5\u03a3\u0399\u0394\u0391\u03a3 \u0395\u03a6\u039f\u0394\u0399\u0391\u03a3\u039c\u039f\u03a5<\/strong><\/p>\n

\u039f\u03b9 \u03b4\u03b9\u03b1\u03ba\u03bf\u03c0\u03ad\u03c2 \u03c4\u03b7\u03c2 \u03b5\u03c6\u03bf\u03b4\u03b9\u03b1\u03c3\u03c4\u03b9\u03ba\u03ae\u03c2 \u03b1\u03bb\u03c5\u03c3\u03af\u03b4\u03b1\u03c2 \u03b5\u03af\u03bd\u03b1\u03b9 \u03c4\u03bf \u03bd\u03ad\u03bf \u03c6\u03c5\u03c3\u03b9\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03cc. \u03a4\u03bf Brexit, \u03b7 \u03ba\u03bb\u03b9\u03bc\u03b1\u03c4\u03b9\u03ba\u03ae \u03b1\u03bb\u03bb\u03b1\u03b3\u03ae \u03ba\u03b1\u03b9 \u03bf \u03ba\u03bf\u03c1\u03c9\u03bd\u03bf\u03ca\u03cc\u03c2<\/a> \u03b5\u03af\u03bd\u03b1\u03b9 \u03bc\u03cc\u03bd\u03bf \u03bc\u03b5\u03c1\u03b9\u03ba\u03ac \u03c0\u03b1\u03c1\u03b1\u03b4\u03b5\u03af\u03b3\u03bc\u03b1\u03c4\u03b1 \u03b3\u03b5\u03b3\u03bf\u03bd\u03cc\u03c4\u03c9\u03bd \u03c0\u03bf\u03c5 \u03b5\u03c0\u03b7\u03c1\u03b5\u03ac\u03b6\u03bf\u03c5\u03bd \u03c4\u03b7\u03bd \u03b1\u03bb\u03c5\u03c3\u03af\u03b4\u03b1 \u03b5\u03c6\u03bf\u03b4\u03b9\u03b1\u03c3\u03bc\u03bf\u03cd. \u039f\u03b9 \u03c0\u03b5\u03c1\u03b9\u03bf\u03c1\u03b9\u03c3\u03bc\u03bf\u03af \u03c4\u03b7\u03c2 \u03b5\u03c6\u03bf\u03b4\u03b9\u03b1\u03c3\u03c4\u03b9\u03ba\u03ae\u03c2 \u03b1\u03bb\u03c5\u03c3\u03af\u03b4\u03b1\u03c2 \u03c6\u03b1\u03af\u03bd\u03b5\u03c4\u03b1\u03b9 \u03bd\u03b1 \u03b1\u03c5\u03be\u03ac\u03bd\u03bf\u03bd\u03c4\u03b1\u03b9 \u03bb\u03cc\u03b3\u03c9 \u03bf\u03b9\u03ba\u03bf\u03bd\u03bf\u03bc\u03b9\u03ba\u03ce\u03bd \u03c0\u03b1\u03c1\u03b1\u03b3\u03cc\u03bd\u03c4\u03c9\u03bd (\u03b7 \u03b6\u03ae\u03c4\u03b7\u03c3\u03b7 \u03c5\u03c0\u03b5\u03c1\u03b2\u03b1\u03af\u03bd\u03b5\u03b9 \u03c4\u03b7\u03bd \u03c0\u03c1\u03bf\u03c3\u03c6\u03bf\u03c1\u03ac, \u03ba\u03ac\u03c4\u03b9 \u03c0\u03bf\u03c5 \u03c0\u03b9\u03c3\u03c4\u03b5\u03cd\u03c9 \u03cc\u03c4\u03b9 \u03b1\u03c5\u03be\u03ac\u03bd\u03b5\u03b9 \u03c4\u03b1 \u03ad\u03be\u03bf\u03b4\u03b1 \u03b1\u03c0\u03bf\u03c3\u03c4\u03bf\u03bb\u03ae\u03c2, \u03c4\u03cc\u03c3\u03bf \u03b1\u03b5\u03c1\u03bf\u03c0\u03bf\u03c1\u03b9\u03ba\u03ac \u03cc\u03c3\u03bf \u03ba\u03b1\u03b9 \u03b8\u03b1\u03bb\u03ac\u03c3\u03c3\u03b9\u03b1) \u03ba\u03b1\u03b9 \u03c4\u03b1 \u03b5\u03c1\u03b3\u03bf\u03c3\u03c4\u03ac\u03c3\u03b9\u03b1 \u03c3\u03c4\u03b7\u03bd \u0391\u03c3\u03af\u03b1 \u03b4\u03b5\u03bd \u03ad\u03c7\u03bf\u03c5\u03bd \u03b1\u03ba\u03cc\u03bc\u03b7 \u03b1\u03bd\u03bf\u03af\u03be\u03b5\u03b9 \u03c0\u03bb\u03ae\u03c1\u03c9\u03c2 \u03bb\u03cc\u03b3\u03c9 \u03c4\u03bf\u03c5 Covid, \u03b5\u03bd\u03ce \u03bf\u03c1\u03b9\u03c3\u03bc\u03ad\u03bd\u03b1 \u03ba\u03ae\u03c1\u03c5\u03be\u03b1\u03bd \u03c0\u03c4\u03ce\u03c7\u03b5\u03c5\u03c3\u03b7) . \u0391\u03bb\u03bb\u03ac \u03ba\u03b1\u03b9 \u03b3\u03b5\u03c9\u03c0\u03bf\u03bb\u03b9\u03c4\u03b9\u03ba\u03ae (\u03b7 \u03bd\u03ad\u03b1 \u03b3\u03b5\u03c9\u03c0\u03bf\u03bb\u03b9\u03c4\u03b9\u03ba\u03ae \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03b9\u03ba\u03cc\u03c4\u03b7\u03c4\u03b1: \u039a\u03af\u03bd\u03b1 \u03b5\u03bd\u03b1\u03bd\u03c4\u03af\u03bf\u03bd \u0397\u03a0\u0391). \u039a\u03b1\u03b9 \u03c4\u03cc\u03c4\u03b5, \u03bf\u03b9 \u03c4\u03b9\u03bc\u03ad\u03c2 \u03c4\u03bf\u03c5 \u03c6\u03c5\u03c3\u03b9\u03ba\u03bf\u03cd \u03b1\u03b5\u03c1\u03af\u03bf\u03c5 \u03ba\u03b1\u03b9 \u03c4\u03b7\u03c2 \u03b5\u03bd\u03ad\u03c1\u03b3\u03b5\u03b9\u03b1\u03c2 \u03b5\u03ba\u03c4\u03bf\u03be\u03b5\u03cd\u03bf\u03bd\u03c4\u03b1\u03b9. <\/p>\n

\u03a3\u03b5 \u03ad\u03bd\u03b1\u03bd \u03ba\u03cc\u03c3\u03bc\u03bf \u03bc\u03b5 \u03c0\u03b5\u03c1\u03b9\u03bf\u03c1\u03b9\u03c3\u03bc\u03bf\u03cd\u03c2 \u03c3\u03c4\u03b7\u03bd \u03b1\u03bb\u03c5\u03c3\u03af\u03b4\u03b1 \u03b5\u03c6\u03bf\u03b4\u03b9\u03b1\u03c3\u03bc\u03bf\u03cd \u03ba\u03b1\u03b9 \u03b5\u03bb\u03bb\u03b5\u03af\u03c8\u03b5\u03b9\u03c2 \u03c0\u03c1\u03bf\u03ca\u03cc\u03bd\u03c4\u03c9\u03bd, \u03c0\u03b9\u03c3\u03c4\u03b5\u03cd\u03bf\u03c5\u03bc\u03b5 \u03cc\u03c4\u03b9 \u03bf\u03b9 \u03ad\u03bc\u03c0\u03bf\u03c1\u03bf\u03b9 \u03bb\u03b9\u03b1\u03bd\u03b9\u03ba\u03ae\u03c2 \u03c0\u03bf\u03c5 \u03b2\u03c1\u03af\u03c3\u03ba\u03bf\u03bd\u03c4\u03b1\u03b9 \u03c3\u03c4\u03b7\u03bd \u03ba\u03b1\u03bb\u03cd\u03c4\u03b5\u03c1\u03b7 \u03b8\u03ad\u03c3\u03b7 \u03b5\u03af\u03bd\u03b1\u03b9 \u03bf\u03b9 \u03b5\u03be\u03b5\u03b9\u03b4\u03b9\u03ba\u03b5\u03c5\u03bc\u03ad\u03bd\u03bf\u03b9 \u03bb\u03b9\u03b1\u03bd\u03bf\u03c0\u03c9\u03bb\u03b7\u03c4\u03ad\u03c2 \u03c0\u03bf\u03c5 \u03b1) \u03bc\u03c0\u03bf\u03c1\u03bf\u03cd\u03bd \u03bd\u03b1 \u03c0\u03c1\u03bf\u03c3\u03c6\u03ad\u03c1\u03bf\u03c5\u03bd \u03ad\u03bd\u03b1 \u03b5\u03c5\u03c1\u03cd \u03c6\u03ac\u03c3\u03bc\u03b1, \u03bc\u03b5 \u03ac\u03c6\u03b8\u03bf\u03bd\u03b1 \u03c5\u03c0\u03bf\u03ba\u03b1\u03c4\u03ac\u03c3\u03c4\u03b1\u03c4\u03b1 \u03b3\u03b9\u03b1 \u03c4\u03b9\u03c2 \u03c3\u03b5\u03b9\u03c1\u03ad\u03c2 \u03bc\u03b5 \u03ad\u03bb\u03bb\u03b5\u03b9\u03c8\u03b7 \u03c0\u03c1\u03bf\u03c3\u03c6\u03bf\u03c1\u03ac\u03c2 \u03b2) \u03ad\u03bd\u03b1 \u03c3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03c5\u03c8\u03b7\u03bb\u03cc \u03c0\u03b5\u03c1\u03b9\u03b8\u03ce\u03c1\u03b9\u03bf (\u03b3\u03b9\u03b1 \u03c3\u03c6\u03ac\u03bb\u03bc\u03b1) \u03ba\u03b1\u03b9 \u03b3) \u03bc\u03b9\u03b1 \u03c3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03b5\u03c5\u03ad\u03bb\u03b9\u03ba\u03c4\u03b7 \u03b1\u03bb\u03c5\u03c3\u03af\u03b4\u03b1 \u03b5\u03c6\u03bf\u03b4\u03b9\u03b1\u03c3\u03bc\u03bf\u03cd. <\/p>\n

\u03a0\u03bf\u03cd \u03b2\u03b3\u03ac\u03b6\u03bf\u03c5\u03bd \u03c4\u03b1 \u03c7\u03c1\u03ae\u03bc\u03b1\u03c4\u03ac \u03c4\u03bf\u03c5\u03c2 \u03bf\u03b9 \u03b5\u03c4\u03b1\u03b9\u03c1\u03b5\u03af\u03b5\u03c2 \u03ba\u03b1\u03b9 \u03c0\u03ce\u03c2 \u03b2\u03b3\u03ac\u03b6\u03bf\u03c5\u03bd \u03c4\u03b1 \u03c7\u03c1\u03ae\u03bc\u03b1\u03c4\u03ac \u03c4\u03bf\u03c5\u03c2<\/strong><\/p>\n

\"\"<\/figure>\n

\u03a4\u0391\u03a3\u0395\u0399\u03a3 \u039a\u0391\u03a4\u0391\u039d\u0391\u039b\u03a9\u03a4\u0399\u039a\u0397\u03a3 \u0395\u039d\u0394\u03a5\u039c\u0391\u03a4\u039f\u03a3 \u039a\u0391\u0399 \u039c\u0395\u03a1\u0399\u0394\u0399\u0391 \u0391\u0393\u039f\u03a1\u0391\u03a3<\/strong><\/p>\n

\u00ab\u0397 \u039a\u03af\u03bd\u03b1 \u03ba\u03b1\u03b9 \u03b7 \u0399\u03bd\u03b4\u03af\u03b1 \u03b8\u03b1 \u03c0\u03c1\u03ad\u03c0\u03b5\u03b9 \u03bd\u03b1 \u03c0\u03b1\u03c1\u03b1\u03bc\u03b5\u03af\u03bd\u03bf\u03c5\u03bd \u03bf\u03b9 \u03b2\u03b1\u03c3\u03b9\u03ba\u03bf\u03af \u03bc\u03bf\u03c7\u03bb\u03bf\u03af \u03b1\u03bd\u03ac\u03c0\u03c4\u03c5\u03be\u03b7\u03c2 \u03c3\u03c4\u03b7\u03bd \u0391\u03c3\u03af\u03b1. \u0397 \u0394\u03c5\u03c4\u03b9\u03ba\u03ae \u0395\u03c5\u03c1\u03ce\u03c0\u03b7 \u03ba\u03b1\u03b9 \u03bf\u03b9 \u0397\u03a0\u0391 \u03c0\u03b1\u03c1\u03b1\u03bc\u03ad\u03bd\u03bf\u03c5\u03bd \u03bf\u03b9 \u03bc\u03b5\u03b3\u03b1\u03bb\u03cd\u03c4\u03b5\u03c1\u03b5\u03c2 \u03b1\u03b3\u03bf\u03c1\u03ad\u03c2, \u03b1\u03bb\u03bb\u03ac \u03b7 \u03b1\u03bd\u03ac\u03c0\u03c4\u03c5\u03be\u03ae \u03c4\u03bf\u03c5\u03c2 \u03b5\u03af\u03bd\u03b1\u03b9 \u03c0\u03b9\u03bf \u03b1\u03c1\u03b3\u03ae \u03bb\u03cc\u03b3\u03c9 \u03c4\u03b7\u03c2 \u03c5\u03c8\u03b7\u03bb\u03ae\u03c2 \u03ba\u03b1\u03c4\u03ac \u03ba\u03b5\u03c6\u03b1\u03bb\u03ae\u03bd \u03ba\u03b1\u03c4\u03b1\u03bd\u03ac\u03bb\u03c9\u03c3\u03b7\u03c2\u00bb.<\/p>\n

\n
\"\"<\/figure>\n<\/div>\n

\u00ab\u03a3\u03c4\u03b7\u03bd \u03ad\u03bd\u03b4\u03c5\u03c3\u03b7, \u03c4\u03b1 \u03b3\u03c5\u03bd\u03b1\u03b9\u03ba\u03b5\u03af\u03b1 \u03b5\u03bd\u03b4\u03cd\u03bc\u03b1\u03c4\u03b1 \u03b5\u03af\u03bd\u03b1\u03b9 \u03b7 \u03bc\u03b5\u03b3\u03b1\u03bb\u03cd\u03c4\u03b5\u03c1\u03b7 \u03ba\u03b1\u03c4\u03b7\u03b3\u03bf\u03c1\u03af\u03b1 \u03ba\u03b1\u03b9 \u03b1\u03ba\u03bf\u03bb\u03bf\u03c5\u03b8\u03bf\u03cd\u03bd \u03c4\u03b1 \u03b1\u03bd\u03b4\u03c1\u03b9\u03ba\u03ac \u03c1\u03bf\u03cd\u03c7\u03b1 \u03ba\u03b1\u03b9 \u03c5\u03c0\u03bf\u03b4\u03ae\u03bc\u03b1\u03c4\u03b1. \u03a4\u03b1 \u03b1\u03b8\u03bb\u03b7\u03c4\u03b9\u03ba\u03ac<\/a> \u03b5\u03bd\u03b4\u03cd\u03bc\u03b1\u03c4\u03b1 \u03ba\u03b1\u03b9 \u03c4\u03b1 \u03c5\u03c0\u03bf\u03b4\u03ae\u03bc\u03b1\u03c4\u03b1 \u03c0\u03b1\u03c1\u03bf\u03c5\u03c3\u03b9\u03ac\u03b6\u03bf\u03c5\u03bd \u03c4\u03bf\u03c5\u03c2 \u03c5\u03c8\u03b7\u03bb\u03cc\u03c4\u03b5\u03c1\u03bf\u03c5\u03c2 \u03c1\u03c5\u03b8\u03bc\u03bf\u03cd\u03c2 \u03b1\u03bd\u03ac\u03c0\u03c4\u03c5\u03be\u03b7\u03c2 \u03bb\u03cc\u03b3\u03c9 \u03c4\u03b7\u03c2 \u03c3\u03c5\u03bd\u03b5\u03c7\u03b9\u03b6\u03cc\u03bc\u03b5\u03bd\u03b7\u03c2 \u03b4\u03cd\u03bd\u03b1\u03bc\u03b7\u03c2 \u03c3\u03c4\u03bf \u03b1\u03b8\u03bb\u03b7\u03c4\u03b9\u03ba\u03cc \u03c0\u03c1\u03bf\u03ca\u03cc\u03bd\u00bb.<\/p>\n

\n
\"\"<\/figure>\n<\/div>\n

\u00ab\u0397 \u03b1\u03b3\u03bf\u03c1\u03ac \u03c4\u03c9\u03bd \u0397\u03a0\u0391 \u03ba\u03c5\u03c1\u03b9\u03b1\u03c1\u03c7\u03b5\u03af\u03c4\u03b1\u03b9 \u03b1\u03c0\u03cc \u03ba\u03b1\u03b8\u03b9\u03b5\u03c1\u03c9\u03bc\u03ad\u03bd\u03b5\u03c2 \u03b1\u03bb\u03c5\u03c3\u03af\u03b4\u03b5\u03c2. \u0397 off \u03c4\u03b9\u03bc\u03ae \u03b5\u03af\u03bd\u03b1\u03b9 \u03c0\u03b5\u03c1\u03b9\u03c3\u03c3\u03cc\u03c4\u03b5\u03c1\u03bf \u03c7\u03b1\u03c1\u03b1\u03ba\u03c4\u03b7\u03c1\u03b9\u03c3\u03c4\u03b9\u03ba\u03cc \u03c4\u03b7\u03c2 \u03b1\u03b3\u03bf\u03c1\u03ac\u03c2, \u03c0.\u03c7. \u03b7 TJX<\/em>is \u03b7\u03b3\u03ad\u03c4\u03b7\u03c2 \u03c4\u03b7\u03c2 \u03b1\u03b3\u03bf\u03c1\u03ac\u03c2 \u03bc\u03b5 \u03ad\u03bd\u03b1\u03bd \u03ac\u03bb\u03bb\u03bf \u03b5\u03ba\u03c0\u03c4\u03c9\u03c4\u03b9\u03ba\u03cc, \u03c4\u03bf\u03bd Ross<\/em>, \u03ad\u03bd\u03b1\u03bd \u03b5\u03be\u03ad\u03c7\u03bf\u03bd\u03c4\u03b1 \u03c0\u03b1\u03af\u03ba\u03c4\u03b7\u00bb. <\/p>\n

\n
\"\"<\/figure>\n<\/div>\n

\u00ab\u0397 \u03ba\u03b9\u03bd\u03b5\u03b6\u03b9\u03ba\u03ae \u03b1\u03b3\u03bf\u03c1\u03ac \u03b5\u03bd\u03b4\u03c5\u03bc\u03ac\u03c4\u03c9\u03bd \u03b5\u03af\u03bd\u03b1\u03b9 \u03c0\u03bf\u03bb\u03cd \u03ba\u03b1\u03c4\u03b1\u03ba\u03b5\u03c1\u03bc\u03b1\u03c4\u03b9\u03c3\u03bc\u03ad\u03bd\u03b7 \u03bc\u03b5 \u03c4\u03b7\u03bd \u03b9\u03b1\u03c0\u03c9\u03bd\u03b9\u03ba\u03ae \u03b1\u03bb\u03c5\u03c3\u03af\u03b4\u03b1 Uniqloprominent<\/em> \u03b1\u03bb\u03bb\u03ac \u03bc\u03cc\u03bd\u03bf \u03bc\u03b5 \u03bc\u03b5\u03c1\u03af\u03b4\u03b9\u03bf \u03b1\u03b3\u03bf\u03c1\u03ac\u03c2 \u03bb\u03af\u03b3\u03bf \u03c0\u03b5\u03c1\u03b9\u03c3\u03c3\u03cc\u03c4\u03b5\u03c1\u03bf \u03b1\u03c0\u03cc 1%. \u039c\u03b5\u03c4\u03ac \u03b1\u03c0\u03cc \u03b4\u03b9\u03b1\u03bc\u03ac\u03c7\u03b5\u03c2 \u03c3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03b7 \u03c7\u03c1\u03ae\u03c3\u03b7 \u03c4\u03bf\u03c5 \u03b2\u03b1\u03bc\u03b2\u03b1\u03ba\u03b9\u03bf\u03cd Xinjiang<\/em> \u03ba\u03b1\u03b9 \u03c4\u03bf \u03ba\u03bb\u03b5\u03af\u03c3\u03b9\u03bc\u03bf \u03ba\u03b1\u03c4\u03b1\u03c3\u03c4\u03b7\u03bc\u03ac\u03c4\u03c9\u03bd, \u03c4\u03cc\u03c3\u03bf \u03b7 Inditexand \u03b5\u03b9\u03b4\u03b9\u03ba\u03ac \u03b7 H&M<\/em> \u03ad\u03c7\u03b1\u03c3\u03b1\u03bd \u03bc\u03b5\u03c1\u03af\u03b4\u03b9\u03bf \u03c3\u03c4\u03b7\u03bd \u039a\u03af\u03bd\u03b1 \u03c4\u03bf\u03bd \u03c4\u03b5\u03bb\u03b5\u03c5\u03c4\u03b1\u03af\u03bf \u03c7\u03c1\u03cc\u03bd\u03bf\u00bb. <\/p>\n

\n
\"\"<\/figure>\n<\/div>\n

\u0394\u039f\u039c\u0395\u03a3 \u03a0\u0395\u03a1\u0399\u0398\u03a9\u03a1\u0399\u039f\u03a5 \u039a\u0391\u0399 \u039a\u039f\u03a3\u03a4\u039f\u03a5\u03a3<\/strong><\/p>\n

\u00ab\u03a4\u03bf \u03bb\u03b9\u03b1\u03bd\u03b9\u03ba\u03cc \u03b5\u03bc\u03c0\u03cc\u03c1\u03b9\u03bf \u03bc\u03c0\u03bf\u03c1\u03b5\u03af \u03bd\u03b1 \u03b5\u03af\u03bd\u03b1\u03b9 \u03ad\u03bd\u03b1\u03c2 \u03b1\u03c1\u03ba\u03b5\u03c4\u03ac \u03ba\u03b5\u03c1\u03b4\u03bf\u03c6\u03cc\u03c1\u03bf\u03c2 \u03c4\u03bf\u03bc\u03ad\u03b1\u03c2, \u03b1\u03bd\u03ac\u03bb\u03bf\u03b3\u03b1 \u03bc\u03b5 \u03c4\u03bf \u03b5\u03c0\u03af\u03c0\u03b5\u03b4\u03bf \u03c4\u03c9\u03bd \u03c0\u03c9\u03bb\u03ae\u03c3\u03b5\u03c9\u03bd \u03c0\u03bb\u03ae\u03c1\u03bf\u03c5\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2. \u03a9\u03c3\u03c4\u03cc\u03c3\u03bf, \u03b7 \u03ad\u03bd\u03c4\u03b1\u03c3\u03b7 opex \u03bc\u03c0\u03bf\u03c1\u03b5\u03af \u03bd\u03b1 \u03b5\u03af\u03bd\u03b1\u03b9 \u03b1\u03c1\u03ba\u03b5\u03c4\u03ac \u03c5\u03c8\u03b7\u03bb\u03ae, \u03c9\u03c2 \u03b5\u03ba \u03c4\u03bf\u03cd\u03c4\u03bf\u03c5 \u03b7 \u03b1\u03b3\u03bf\u03c1\u03ac \u03bc\u03c0\u03bf\u03c1\u03b5\u03af \u03bd\u03b1 \u03c0\u03c1\u03bf\u03c3\u03b7\u03bb\u03c9\u03b8\u03b5\u03af \u03c3\u03c4\u03b9\u03c2 \u03c4\u03ac\u03c3\u03b5\u03b9\u03c2 LFL. <\/p>\n

\u039f \u03c0\u03b1\u03c1\u03b1\u03ba\u03ac\u03c4\u03c9 \u03c0\u03af\u03bd\u03b1\u03ba\u03b1\u03c2 \u03b4\u03b5\u03af\u03c7\u03bd\u03b5\u03b9 \u03c4\u03b7\u03bd \u03ba\u03b1\u03c4\u03b1\u03bd\u03bf\u03bc\u03ae \u03c4\u03c9\u03bd \u03c0\u03b5\u03c1\u03b9\u03b8\u03c9\u03c1\u03af\u03c9\u03bd \u03b3\u03b9\u03b1 \u03c4\u03bf\u03c5\u03c2 \u03c5\u03c0\u03cc \u03ba\u03ac\u03bb\u03c5\u03c8\u03b7 \u03b5\u03bc\u03c0\u03cc\u03c1\u03bf\u03c5\u03c2 \u03bb\u03b9\u03b1\u03bd\u03b9\u03ba\u03ae\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03bf \u03c4\u03b5\u03bb\u03b5\u03c5\u03c4\u03b1\u03af\u03bf \u03b1\u03bd\u03b1\u03c6\u03b5\u03c1\u03cc\u03bc\u03b5\u03bd\u03bf \u03bf\u03b9\u03ba\u03bf\u03bd\u03bf\u03bc\u03b9\u03ba\u03cc \u03ad\u03c4\u03bf\u03c2. \u03a3\u03b7\u03bc\u03b5\u03b9\u03ce\u03bd\u03bf\u03c5\u03bc\u03b5 \u03cc\u03c4\u03b9 \u03bf\u03c1\u03b9\u03c3\u03bc\u03ad\u03bd\u03bf\u03b9 \u03bb\u03b9\u03b1\u03bd\u03bf\u03c0\u03c9\u03bb\u03b7\u03c4\u03ad\u03c2 \u03ad\u03c7\u03bf\u03c5\u03bd \u03b5\u03c0\u03b7\u03c1\u03b5\u03b1\u03c3\u03c4\u03b5\u03af \u03c3\u03b5 \u03bc\u03b5\u03b3\u03ac\u03bb\u03bf \u03b2\u03b1\u03b8\u03bc\u03cc \u03b1\u03c0\u03cc \u03c4\u03b7\u03bd \u03c0\u03b1\u03bd\u03b4\u03b7\u03bc\u03af\u03b1, \u03b9\u03b4\u03b9\u03b1\u03af\u03c4\u03b5\u03c1\u03b1 \u03bf\u03b9 \u03c4\u03b1\u03be\u03b9\u03b4\u03b9\u03c9\u03c4\u03b9\u03ba\u03bf\u03af \u03bb\u03b9\u03b1\u03bd\u03bf\u03c0\u03c9\u03bb\u03b7\u03c4\u03ad\u03c2, \u03b1\u03c0\u03cc \u03c4\u03bf\u03c5\u03c2 \u03bf\u03c0\u03bf\u03af\u03bf\u03c5\u03c2 \u03b1\u03bd\u03b1\u03bc\u03ad\u03bd\u03bf\u03c5\u03bc\u03b5 \u03bd\u03b1 \u03b4\u03bf\u03cd\u03bc\u03b5 \u03b4\u03c1\u03b1\u03bc\u03b1\u03c4\u03b9\u03ba\u03ae \u03b1\u03bd\u03ac\u03ba\u03b1\u03bc\u03c8\u03b7 \u03c4\u03c9\u03bd \u03c0\u03b5\u03c1\u03b9\u03b8\u03c9\u03c1\u03af\u03c9\u03bd \u03ba\u03ad\u03c1\u03b4\u03bf\u03c5\u03c2 \u03c4\u03b1 \u03b5\u03c0\u03cc\u03bc\u03b5\u03bd\u03b1 \u03c7\u03c1\u03cc\u03bd\u03b9\u03b1. <\/p>\n

\u0393\u03b5\u03bd\u03b9\u03ba\u03ac, \u03b1\u03c0\u03cc \u03c4\u03bf\u03bd \u03c0\u03af\u03bd\u03b1\u03ba\u03b1, \u03bc\u03c0\u03bf\u03c1\u03bf\u03cd\u03bc\u03b5 \u03bd\u03b1 \u03b4\u03bf\u03cd\u03bc\u03b5 \u03cc\u03c4\u03b9 \u03b7 Currysand<\/em> M&S \u03b5<\/em>\u03af\u03bd\u03b1\u03b9 \u03bb\u03b9\u03b1\u03bd\u03bf\u03c0\u03c9\u03bb\u03b7\u03c4\u03ad\u03c2 \u03c7\u03b1\u03bc\u03b7\u03bb\u03bf\u03cd \u03c0\u03b5\u03c1\u03b9\u03b8\u03c9\u03c1\u03af\u03bf\u03c5, \u03bb\u03cc\u03b3\u03c9 \u03c4\u03b7\u03c2 \u03ad\u03ba\u03b8\u03b5\u03c3\u03ae\u03c2 \u03c4\u03bf\u03c5\u03c2 \u03c3\u03b5 \u03b7\u03bb\u03b5\u03ba\u03c4\u03c1\u03b9\u03ba\u03ac \u03ba\u03b1\u03b9 \u03c4\u03c1\u03cc\u03c6\u03b9\u03bc\u03b1. \u0397 H&M<\/em><\/a> \u03ba\u03b1\u03b9 \u03b7 Superdry<\/em> \u03b5\u03af\u03c7\u03b1\u03bd \u03b5\u03c0\u03af\u03c3\u03b7\u03c2 \u03c7\u03b1\u03bc\u03b7\u03bb\u03ac \u03c0\u03b5\u03c1\u03b9\u03b8\u03ce\u03c1\u03b9\u03b1 \u03ba\u03ad\u03c1\u03b4\u03bf\u03c5\u03c2 \u03bb\u03cc\u03b3\u03c9 \u03c4\u03b7\u03c2 \u03c0\u03b1\u03bd\u03b4\u03b7\u03bc\u03af\u03b1\u03c2 \u03ba\u03b1\u03b9 \u03bf\u03c1\u03b9\u03c3\u03bc\u03ad\u03bd\u03c9\u03bd \u03b5\u03b9\u03b4\u03b9\u03ba\u03ce\u03bd \u03b6\u03b7\u03c4\u03b7\u03bc\u03ac\u03c4\u03c9\u03bd \u03c4\u03b7\u03c2 \u03b5\u03c4\u03b1\u03b9\u03c1\u03b5\u03af\u03b1\u03c2. \u0397 Next<\/em> \u03ba\u03b1\u03b9 \u03b7 Inditexare<\/em> \u03ba\u03b1\u03b9 \u03bf\u03b9 \u03b4\u03cd\u03bf \u03bb\u03b9\u03b1\u03bd\u03bf\u03c0\u03c9\u03bb\u03b7\u03c4\u03ad\u03c2 \u03c5\u03c8\u03b7\u03bb\u03cc\u03c4\u03b5\u03c1\u03bf\u03c5 \u03c0\u03b5\u03c1\u03b9\u03b8\u03c9\u03c1\u03af\u03bf\u03c5, \u03bc\u03b5 \u03c5\u03c8\u03b7\u03bb\u03cc\u03c4\u03b5\u03c1\u03bf \u03bc\u03b9\u03ba\u03c4\u03cc \u03ba\u03ad\u03c1\u03b4\u03bf\u03c2 \u03ba\u03b1\u03b9 \u03c7\u03b1\u03bc\u03b7\u03bb\u03cc\u03c4\u03b5\u03c1\u03bf \u03c3\u03c5\u03bd\u03bf\u03bb\u03b9\u03ba\u03cc \u03bb\u03b5\u03b9\u03c4\u03bf\u03c5\u03c1\u03b3\u03b9\u03ba\u03cc, \u03c3\u03b5 \u03ad\u03bd\u03b1 \u03ba\u03b1\u03bd\u03bf\u03bd\u03b9\u03ba\u03bf\u03c0\u03bf\u03b9\u03b7\u03bc\u03ad\u03bd\u03bf \u03ad\u03c4\u03bf\u03c2\u00bb. <\/p>\n

\n
\"\"<\/figure>\n<\/div>\n

\u00ab\u03a3\u03b7\u03bc\u03b5\u03b9\u03ce\u03bd\u03bf\u03c5\u03bc\u03b5 \u03cc\u03c4\u03b9 \u03c4\u03b1 \u03c0\u03b5\u03c1\u03b9\u03b8\u03ce\u03c1\u03b9\u03b1 \u03c6\u03ad\u03c4\u03bf\u03c2 \u03b5\u03be\u03b1\u03ba\u03bf\u03bb\u03bf\u03c5\u03b8\u03bf\u03cd\u03bd \u03bd\u03b1 \u03b5\u03af\u03bd\u03b1\u03b9 \u03c7\u03b1\u03bc\u03b7\u03bb\u03ac \u03b3\u03b9\u03b1 \u03bf\u03c1\u03b9\u03c3\u03bc\u03ad\u03bd\u03bf\u03c5\u03c2 \u03bb\u03b9\u03b1\u03bd\u03bf\u03c0\u03c9\u03bb\u03b7\u03c4\u03ad\u03c2, \u03ba\u03b1\u03b8\u03ce\u03c2 \u03b1\u03bd\u03b1\u03ba\u03ac\u03bc\u03c0\u03c4\u03bf\u03c5\u03bd \u03b1\u03c0\u03cc \u03c4\u03b7\u03bd \u03c0\u03b1\u03bd\u03b4\u03b7\u03bc\u03af\u03b1. \u03a3\u03b7\u03bc\u03b5\u03b9\u03ce\u03bd\u03bf\u03c5\u03bc\u03b5 \u03cc\u03c4\u03b9 \u03bf\u03b9 \u03b2\u03b1\u03c3\u03b9\u03ba\u03bf\u03af \u03bb\u03b9\u03b1\u03bd\u03bf\u03c0\u03c9\u03bb\u03b7\u03c4\u03ad\u03c2 (\u03c0.\u03c7. B&M<\/em>) \u03ba\u03b1\u03b9 \u03bf\u03b9 \u03ad\u03bc\u03c0\u03bf\u03c1\u03bf\u03b9 \u03bb\u03b9\u03b1\u03bd\u03b9\u03ba\u03ae\u03c2 \u03bc\u03b5 \u03c0\u03b9\u03bf \u03b5\u03c5\u03ad\u03bb\u03b9\u03ba\u03c4\u03b1 \u03b5\u03c0\u03b9\u03c7\u03b5\u03b9\u03c1\u03b7\u03bc\u03b1\u03c4\u03b9\u03ba\u03ac \u03bc\u03bf\u03bd\u03c4\u03ad\u03bb\u03b1<\/strong> (\u03c0.\u03c7. Inditex<\/em>) \u03b5\u03af\u03bd\u03b1\u03b9 \u03c0\u03b9\u03b8\u03b1\u03bd\u03cc \u03bd\u03b1 \u03ad\u03c7\u03bf\u03c5\u03bd \u03b5\u03c0\u03c9\u03c6\u03b5\u03bb\u03b7\u03b8\u03b5\u03af \u03b1\u03c0\u03cc \u03c4\u03b7\u03bd \u03c0\u03b1\u03bd\u03b4\u03b7\u03bc\u03af\u03b1 \u03ba\u03b1\u03b9 \u03c0\u03b9\u03b8\u03b1\u03bd\u03cc\u03c4\u03b1\u03c4\u03b1 \u03b8\u03b1 \u03b5\u03bc\u03c6\u03b1\u03bd\u03b9\u03c3\u03c4\u03bf\u03cd\u03bd \u03bc\u03b5 \u03b9\u03c3\u03c7\u03c5\u03c1\u03cc\u03c4\u03b5\u03c1\u03b1 \u03c0\u03b5\u03c1\u03b9\u03b8\u03ce\u03c1\u03b9\u03b1, \u03b5\u03af\u03c4\u03b5 \u03bb\u03cc\u03b3\u03c9 \u03c4\u03c9\u03bd \u03bf\u03c6\u03b5\u03bb\u03ce\u03bd \u03cc\u03b3\u03ba\u03bf\u03c5 \u03b5\u03af\u03c4\u03b5 \u03bb\u03cc\u03b3\u03c9 \u03c4\u03b7\u03c2 \u03b1\u03c0\u03bf\u03b4\u03bf\u03c4\u03b9\u03ba\u03cc\u03c4\u03b7\u03c4\u03b1\u03c2 \u03ba\u03cc\u03c3\u03c4\u03bf\u03c5\u03c2 \u03ba\u03b1\u03c4\u03ac \u03c4\u03b7 \u03b4\u03b9\u03ac\u03c1\u03ba\u03b5\u03b9\u03b1 \u03c4\u03b7\u03c2 \u03c0\u03b1\u03bd\u03b4\u03b7\u03bc\u03af\u03b1\u03c2. <\/p>\n

\u0391\u03bd\u03b1\u03bc\u03ad\u03bd\u03bf\u03c5\u03bc\u03b5 \u03b1\u03c0\u03cc \u03c4\u03bf\u03c5\u03c2 \u03bb\u03b9\u03b1\u03bd\u03bf\u03c0\u03c9\u03bb\u03b7\u03c4\u03ad\u03c2 Travel, Dufryand<\/em> WH<\/em> Smith, \u03bd\u03b1 \u03c0\u03b1\u03c1\u03b1\u03bc\u03b5\u03af\u03bd\u03bf\u03c5\u03bd \u03c3\u03b5 \u03c7\u03b1\u03bc\u03b7\u03bb\u03ac \u03c0\u03b5\u03c1\u03b9\u03b8\u03ce\u03c1\u03b9\u03b1 \u03c4\u03bf 2021, \u03b4\u03b5\u03b4\u03bf\u03bc\u03ad\u03bd\u03b7\u03c2 \u03c4\u03b7\u03c2 \u03c3\u03c5\u03bd\u03b5\u03c7\u03b9\u03b6\u03cc\u03bc\u03b5\u03bd\u03b7\u03c2 \u03b1\u03b4\u03c5\u03bd\u03b1\u03bc\u03af\u03b1\u03c2 \u03c4\u03bf\u03c5 \u03c4\u03b1\u03be\u03b9\u03b4\u03b9\u03c9\u03c4\u03b9\u03ba\u03bf\u03cd \u03c4\u03bf\u03c0\u03af\u03bf\u03c5. \u0391\u03bd\u03b1\u03bc\u03ad\u03bd\u03bf\u03c5\u03bc\u03b5 \u03bc\u03b9\u03b1 \u03c0\u03b9\u03bf \u03b4\u03c1\u03b1\u03bc\u03b1\u03c4\u03b9\u03ba\u03ae \u03b1\u03bd\u03ac\u03ba\u03b1\u03bc\u03c8\u03b7 \u03c4\u03bf\u03c5 \u03c0\u03b5\u03c1\u03b9\u03b8\u03c9\u03c1\u03af\u03bf\u03c5 \u03ba\u03ad\u03c1\u03b4\u03bf\u03c5\u03c2 \u03bc\u03cc\u03bb\u03b9\u03c2 \u03be\u03b1\u03bd\u03b1\u03c1\u03c7\u03af\u03c3\u03bf\u03c5\u03bd \u03c4\u03b1 \u03c4\u03b1\u03be\u03af\u03b4\u03b9\u03b1, \u03c0\u03b9\u03b8\u03b1\u03bd\u03cc\u03c4\u03b1\u03c4\u03b1 \u03c4\u03bf 2022-2023\u2033. <\/p>\n

\u0391\u03c0\u03bf\u03c4\u03af\u03bc\u03b7\u03c3\u03b7 \u03ba\u03b1\u03b9 \u03b5\u03ba\u03c4\u03b9\u03bc\u03ae\u03c3\u03b5\u03b9\u03c2<\/strong><\/p>\n

\n
\"\"<\/figure>\n<\/div>\n

\u03a3\u03b7\u03bc\u03b5\u03b9\u03ce\u03c3\u03c4\u03b5 \u03cc\u03c4\u03b9 \u03bf\u03b9 \u03b1\u03c1\u03b9\u03b8\u03bc\u03bf\u03af \u03b1\u03c0\u03cc \u03c4\u03bf\u03bd \u03c0\u03b1\u03c1\u03b1\u03c0\u03ac\u03bd\u03c9 \u03c0\u03af\u03bd\u03b1\u03ba\u03b1 \u03b5\u03af\u03bd\u03b1\u03b9 \u03c3\u03b5 \u03c4\u03bf\u03c0\u03b9\u03ba\u03ac \u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1.<\/p>\n

 <\/p>\n

\u03a7\u03a1\u0397\u039c\u0391\u03a4\u039f\u039f\u0399\u039a\u039f\u039d\u039f\u039c\u0399\u039a\u0395\u03a3 \u039c\u0395\u03a4\u03a1\u0397\u03a3\u0395\u0399\u03a3 \u0391\u03a0\u039f INDITEX, H&M, FAST RETAILING \u039a\u0391\u0399 GAP<\/strong><\/p>\n

\u0392\u03b1\u03c3\u03b9\u03ba\u03ac \u03bf\u03b9\u03ba\u03bf\u03bd\u03bf\u03bc\u03b9\u03ba\u03ac \u03c3\u03c4\u03bf\u03b9\u03c7\u03b5\u03af\u03b1 \u03b1\u03c0\u03cc \u03ba\u03bf\u03c1\u03c5\u03c6\u03b1\u03af\u03bf\u03c5\u03c2 \u03bb\u03b9\u03b1\u03bd\u03bf\u03c0\u03c9\u03bb\u03b7\u03c4\u03ad\u03c2 \u03b5\u03bd\u03b4\u03c5\u03bc\u03ac\u03c4\u03c9\u03bd 2018-2020<\/strong><\/p>\n

\"\"
\u03a0\u03b7\u03b3\u03ae: The Fashion Retailer. \u0395\u03c4\u03ae\u03c3\u03b9\u03b5\u03c2 \u03b5\u03ba\u03b8\u03ad\u03c3\u03b5\u03b9\u03c2 \u03b1\u03c0\u03cc \u03c4\u03b9\u03c2 \u03b1\u03bd\u03b1\u03c6\u03b5\u03c1\u03cc\u03bc\u03b5\u03bd\u03b5\u03c2 \u03b5\u03c4\u03b1\u03b9\u03c1\u03b5\u03af\u03b5\u03c2. <\/figcaption><\/figure>\n

Inditex<\/em> ranked first in 2020 with $24,8 Billion revenues. If COGS margin is around 55% at Inditex (56%), H&M<\/em> (50%) and Fast Retailing<\/em> (49%), Inditex <\/em>is the only one that keeps an EBITDA margin above 20% (EBITDA\/Revenues). In 2019, it\u2019s net profit margin (net profit\/net sales) was 13%, 5 percentage points higher than Fast Retailing<\/em> and 7pp higher than H&M<\/em>. <\/p>\n

Note that IFRS16<\/strong> has redefined some financial metrics, specially EBITDA and EBIT. As you know retail uses rentals and leases (e.g. stores rentals). Previous to IFRS16 (a new International Financial Reporting Standard for lease accounting which came into force on 1 January 2019<\/strong>), rentals and leases were classified as operating expenses (OPEX). As you can see in the exhibit 17, rent represents between 10-25% of total OPEX expenses (higher impact in luxury fashion retailers because of their prime location \/ flasghips store formats).<\/p>\n

According to AccountacyAge \u201cThe lease expense recognised under IAS 17 will now be recognised as depreciation of the right-of-use asset to be recognised on the balance sheet as well as an interest expense. As a result of implementing IFRS 16, operating expenses will be lower, interest expense will be higher, and EBITDA and EBIT will be higher\u201d. Enterprise software licenses are also considered CAPEX (depending wether it\u2019s on-premise or cloud\u2026). <\/p>\n

So, you will need to pay special attention when analysing financial metrics and the enterprise value (EV increases with IFRS 16 as Free Cash Flows and NPV are higher too).<\/p>\n

\n
\"\"
Source: The Fashion retailer \u2013 Annual Reports<\/figcaption><\/figure>\n<\/div>\n

Inditex <\/em>is showing healthy inventory levels according to sales in such uncertain covid-year while other retailers saw an increase in their inventories compared to their net revenues. This could be a result of a more efficient inventory management enhanced by Inditex omnichannel capabilities (agile supply chain, accurate demand and trend forecasting, RFID, store transfers, ship from store, click & collect, etc). <\/p>\n

Inventory % change vs projected sales %<\/strong><\/p>\n

\n
\"\"<\/figure>\n<\/div>\n

In \u201cInventory update \u2013 who\u2019s running on empty?<\/a>\u201c, RBC looks looks at inventory positions compared to projected sales in the sector. \u201cThis is topical in the light of recent warnings on supply disruptions from the likes of AO World<\/em>, Gap <\/em>and Nordstrom<\/em>. We continue to believe that broadly ranged omnichannel specialists with strong supplier relationships, are best placed to deal with supply disruption. <\/p>\n

The level and composition of inventory is a key balance sheet risk item in General Retail, and particularly so at the moment given well documented supply chain bottlenecks. Looking at last reported balance sheet inventory versus projected sales, it looks like Primark <\/em>and H&M<\/em> could be short of inventory in some areas, whereas the online fashion retailers could have too much and so may be more at risk of higher than expected markdowns. <\/p>\n

More important however is the overall inventory commitment of retailers, rather than the level at the balance sheet date. We think the global fashion retailers eg ITX, H&M and JD\/, plus companies with relatively little seasonal risk eg DNLM and SMWH should be best placed to manage through supply shortages. Despite ongoing supply constraints, we see most upside risk to consensus for JD\/ and BOSS, while BME to us looks fully valued given tough comps and likely margin headwinds ahead\u201d.<\/p>\n

 <\/p>\n

This article is based on RBC<\/a> latest reports and The Fashion Retailer<\/em> research.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u03a0\u03c1\u03b9\u03bd \u03b1\u03c0\u03cc \u03bc\u03b5\u03c1\u03b9\u03ba\u03ad\u03c2 \u03b5\u03b2\u03b4\u03bf\u03bc\u03ac\u03b4\u03b5\u03c2, \u03ae\u03bc\u03bf\u03c5\u03bd \u03c0\u03c1\u03bf\u03c3\u03ba\u03b5\u03ba\u03bb\u03b7\u03bc\u03ad\u03bd\u03bf\u03c2 \u03bf\u03bc\u03b9\u03bb\u03b7\u03c4\u03ae\u03c2 \u03ba\u03b1\u03c4\u03ac \u03c4\u03b7 \u03b4\u03b9\u03ac\u03c1\u03ba\u03b5\u03b9\u03b1 \u03c4\u03b7\u03c2 \u03b1\u03c0\u03bf\u03ba\u03bb\u03b5\u03b9\u03c3\u03c4\u03b9\u03ba\u03ae\u03c2 \u03ba\u03bb\u03ae\u03c3\u03b7\u03c2 \u03b5\u03b9\u03b4\u03b9\u03ba\u03ce\u03bd \u03c4\u03bf\u03c5 RBC. \u039f Richard Chamberlain \u03ba\u03b1\u03b9 \u03b5\u03b3\u03ce \u03c3\u03c5\u03b6\u03b7\u03c4\u03ae\u03c3\u03b1\u03bc\u03b5 \u03c3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03b9\u03c2 \u03b4\u03b9\u03b1\u03ba\u03bf\u03c0\u03ad\u03c2 \u03ba\u03b1\u03b9 \u03c4\u03bf\u03c5\u03c2 \u03c0\u03b5\u03c1\u03b9\u03bf\u03c1\u03b9\u03c3\u03bc\u03bf\u03cd\u03c2 \u03c4\u03b7\u03c2 \u03b5\u03c6\u03bf\u03b4\u03b9\u03b1\u03c3\u03c4\u03b9\u03ba\u03ae\u03c2 \u03b1\u03bb\u03c5\u03c3\u03af\u03b4\u03b1\u03c2, \u03c4\u03b7 \u03b2\u03b9\u03c9\u03c3\u03b9\u03bc\u03cc\u03c4\u03b7\u03c4\u03b1, \u03c4\u03b7\u03bd \u03c0\u03b5\u03c1\u03b9\u03c3\u03c4\u03b1\u03c3\u03b9\u03b1\u03ba\u03ae \u03c0\u03c1\u03bf\u03c3\u03b1\u03c1\u03bc\u03bf\u03b3\u03ae \u03ae \u03c4\u03bf\u03bd \u03bc\u03b5\u03c4\u03b1\u03c3\u03c7\u03b7\u03bc\u03b1\u03c4\u03b9\u03c3\u03bc\u03cc \u03bb\u03b9\u03b1\u03bd\u03b9\u03ba\u03ae\u03c2. \u03a4\u03b7\u03bd \u03c0\u03b5\u03c1\u03b1\u03c3\u03bc\u03ad\u03bd\u03b7 \u03b5\u03b2\u03b4\u03bf\u03bc\u03ac\u03b4\u03b1, \u03b7 Royal Bank of Canada Capital Markets \u03b4\u03b7\u03bc\u03bf\u03c3\u03af\u03b5\u03c5\u03c3\u03b5 \u03c4\u03bf European General […]<\/p>\n","protected":false},"author":1,"featured_media":282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-el"],"_links":{"self":[{"href":"https:\/\/kalimera-skopelos.gr\/el\/wp-json\/wp\/v2\/posts\/330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kalimera-skopelos.gr\/el\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kalimera-skopelos.gr\/el\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kalimera-skopelos.gr\/el\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kalimera-skopelos.gr\/el\/wp-json\/wp\/v2\/comments?post=330"}],"version-history":[{"count":1,"href":"https:\/\/kalimera-skopelos.gr\/el\/wp-json\/wp\/v2\/posts\/330\/revisions"}],"predecessor-version":[{"id":331,"href":"https:\/\/kalimera-skopelos.gr\/el\/wp-json\/wp\/v2\/posts\/330\/revisions\/331"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kalimera-skopelos.gr\/el\/wp-json\/wp\/v2\/media\/282"}],"wp:attachment":[{"href":"https:\/\/kalimera-skopelos.gr\/el\/wp-json\/wp\/v2\/media?parent=330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kalimera-skopelos.gr\/el\/wp-json\/wp\/v2\/categories?post=330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kalimera-skopelos.gr\/el\/wp-json\/wp\/v2\/tags?post=330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}