“The first generation creates, the second spends, and the third destroys,” says a well-known saying in the business world. Did Eleftherios Mouzakis, the patriarch of the Greek threads, believe in the validity of this opinion? It is hardly possible to give an exact answer to the question that re-emerges in connection with the decisions of the general meeting of the Muzaki textile industry last Monday. Perhaps the only indication that the Smyrna refugee child, director at age 19 and later owner of the Petalouda Yarn Group, agreed with this principle is an explicit provision in his will that his heirs will not sell the company until December 31, 2021. of the year. , perhaps the fact that his will indicated his personal account with approximately 20 million euros, an amount that banks could use in the event of liquidity problems.

However, since Monday, when the extraordinary general meeting of shareholders took place, the facts have changed somewhat. The (second) wife of the founder of the textile industry, Eleftheria Mouzakis, her daughter Katerina and managing director Manolis Pavlakis, who was identified with “Klostai Petaloudas”, were replaced on the board of directors by new members. The position of Chairman of the Board of Directors is supported (since September 2022) by John Paul Gagnum, grandson of Eleftherios Mouzakis, who aims to debunk the urban myth that wealth does not last more than three generations.

1944 El. Mouzakis founds Klostai Petaluda-Muzakis. 1951 Exclusivity of embroidery thread with the French company DMC. 1970 Start of operation of the modern spinning mill. 1991 Appearance of “EL. D. Muzakis” on the stock exchange. 2006 Death of El. Musician. 2023 (Second) wife Eleftheria Mouzakis, her daughter Katerina, CEO M. Pavlakis by decision of the general meeting. excluded from the Board of Directors

Property bequeathed to his descendants El. Mouzakis is valued at more than 1 billion euros, including a large number of investment facilities, the operation of which compensates for losses from the textile industry. In addition, in 2008, the sale of real estate at 60 Kifissu Avenue for 37 million euros provided the company with the liquidity it needed at that time.

Aggressive acquisitions were the basis of the industrialist’s modus operandi: Mouzakis acquired a large number of companies (e.g. Macedonian Finishers, Erioklosterias Pennier Hr. Lanaras, Makoplex, etc.) from the late 1970s to early 2000. In 1951, when he secured exclusive cooperation with the French company DMC in the field of knitted threads, all his competitors declared war on the industrialist in order to terminate the agreement. In 1957, together with “Klostai Kitharas” by I. Theodorakopoulos, he founded “Klostoviomichaniai Ellados”, which was joined by the companies he had previously bought, thus acquiring the largest share in the Greek market of sewing and embroidery threads. . In 1968 El. D. Mouzakis SA, which two years later put into operation its modern factory – a spinning mill at Proodou 3 in Egaleo. In 1991, when the company was listed on the stock exchange, the industrialist proudly claimed that he had overcovered (issued shares) at a time when world markets were falling due to Iraq’s invasion of Kuwait. Eleftherios Mouzakis was identified with original and inventive ideas for promoting his products, he was the first sponsor of Greek radio, the authorship of the commercial trick “two, one gift …” belongs to him. One of the characteristics that accompanied the industrialist was that of the most honest taxpayer, because, according to his tax returns, he looked like the richest Greek.

With … an industrialist intervening in the management of the company, through what was stipulated in his will, terminated for more than a year, it remains to be seen how the new management will manage to ensure growth for Mouzakis in the face of increased energy costs and high competition from side of Asian countries.

1944
Email Mouzakis founds Klostai Petaluda-Muzakis.

1951
Exclusive with DMC France in embroidery threads.

1970
Start of operation of a modern spinning mill.

1991
Login to El. D. Muzakis” on the stock exchange.

2006
Death of El. Musician.

2023
(Second) wife Eleftheria Mouzakis, her daughter Katerina, CEO M. Pavlakis by decision of the general meeting. excluded from the Board of Directors