Taxes, Transport Costs Force Closure of Historic Cosmetics Company in Chios
A historic cosmetics company at the island of Chios, Greece has decided to close its operations and move elsewhere, citing rocketing transport costs and heavy taxation.
Mastic Spa, based in Chios specializes in cosmetics products using mastic as the main ingredient.
Mastic is a resin obtained from the mastic tree and southern Chios boasts the best quality in the world.
Owner George Sodis announced that he is closing the plant in Chios, established in 1977 and is moving operations to somewhere else he did not specify.
The plant was the only cosmetics factory in the whole of the Aegean. In 2008, Mastic Spa had a network of 28 branches in Greece and abroad, with sales of € 3.5 million, employing 40 people.
In 2012 Mastic Spa was put into liquidation, with debts to banks, suppliers and former employees.
Sodis closed the old company and created Chios Land. He kept the cosmetics production workshop in Chios and two stores – one in Chios and the other in Ioannina.
Following his decision to close down operations, the historic and innovative venture of Mastic Spa is coming to an end.
Source: Greek Reporter
You may be interested
Metsovo: Lakes, Ski Resorts and BearsPanos - Nov 22, 2017
Metsovo is a renowned mountainside town straddling the Pindus mountain range where Epirus converges with western Macedonia and Thessaly. Standing…
Tourists in Greece exceed 23.5 million over first nine monthsPanos - Nov 22, 2017
According to the Bank of Greece (BoG), there was a 10.3% increase in the tourism revenue for the first nine…
Mitsotakis Interview: Over-taxation in Greece is SurrealPanos - Nov 22, 2017
Main opposition leader Kyriakos Mitsotakis is in Strasbourg, where he had meetings with leaders of the European People’s Party (EPP),…