Charting a history of success

Deeply rooted in the local market, going back almost a century, Anastasios Stephanides & Son Ltd is one of the most well known companies in our country. Part and parcel with luxury, the firm carries a long standing history, going back to the third decade of the past century.

The first steps

In 1922, Anastasios Stephanides fled from his home in Asia Minor. Armed with his faith in God and high expectations of a bright future, he sought employment with local companies in Cyprus.

It all started in 1925, just three years following his arrival, when he opened a small retail trade shop in the bustling, central Ermou Street in Nicosia. These were the humble beginnings of the hard working visionary who would expand his business in the next few years by cooperating with wholesale trade companies.

Golden decade

The 1960s marked the start of the Group’s modern history.

In 1960, the Cyprus independence year, Anastasios Stephanides’ son, Stephos, returned from his studies in Lebanon and Switzerland and joined the Group. Young, vibrant, full of energy and dreams, he worked with his father in managing the increasingly developing Group businesses, with plans on further expansion and growth. In the same year, the luxury goods department also set off, starting out with representing the Swiss Eterna watches and luxury jewellery from international houses. In 1962, Seiko watches were added to the Group’s luxury sales.

In 1964, the Stephanides Group went into the car sales sector, securing the exclusive import and distribution of Mazda cars, while also clinching a deal with Proctor and Gamble for the exclusive distribution of the company’s products to Cyprus.

The next major steps

The 70s and 80s were also marked by a number of milestones. A number of new associations with factories from all over the world, luxury products that are now characteristics of the Group’s brand name and Stephos Stephanides taking full control, succeeding his father. His philosophy unmistakably clear: growth, competitive prices, impeccable service.

The 1970s, in addition to the wholesale department, saw the introduction of the retail stores chains. Year by year, the company upped its reputation to such a degree that well known international companies, warmly responded to the call for cooperation. Luxury brands such as Rolex, Patek Philippe, Baume & Mercier, Tag Heuer, Tudor, Chopard, Mikimoto, Boucheron, Seiko, Gucci and S.T. Dupont now form part of the company’s luxury brands.

The same period saw the creation of the Group’s first exhibition hall, as well as its offices and warehouses on Dhigenis Akritas avenue in Nicosia. The same space housed both the Mazda cars and Eterna watches.

Just a few years after Stephos Stephanides took over the Group, in 1978, the foundation is laid for an even larger exhibition hall, also on Dhigenis Akritas in Nicosia. This was an ideal location for the construction of the Group’s headquarters and central offices.

A modern tower

In 1989, the Group strengthened its cooperation in the high quality products sector, becoming the official distributor of Rolex watches, followed by the Patek Philippe watches in 1994.

It was only then a natural progression that in 1990, the company’s exhibition space in Nicosia was renovated and turned into a modern tower with a glass surface, which included an exhibition space, comfortable working spaces for all departments and other necessary supplementary areas that supported the Group’s rising network of activities.

The change in values and way of life over the next few decades, led to a gradual increase of both customer expectations and demands. The Group responded fast, upgrading and renovating all luxury products retail shops in Nicosia and Limassol as well as shop housed in luxury hotels such as Four Seasons.

The range grows

The range of products grew and development continues. In 2000, the Group became the official distributor of Baume & Mercier in Cyprus and some time later, Technomarine watches. 2008 saw the launch of the cooperation for exclusive import and distribution of Boucheron jewellery, while in 2009, the Nicosia central boutique became fully renovated.

Long time cooperation

The Group’s decades long cooperation with Mazda Motor Corporation is recognised and rewarded.

In 2004, Mazda Motor Cooperation presented the Group with the ASS, an honorary plaque for the 40 year anniversary and recognition of the company’s achievement to become the largest operating independent importer of Mazda cars.

Three years later, in 2007, Stephos Stephanides was honored with the aforementioned title during the Mazda Motor Corporation celebrations at Bovey Castle, England.

Modernisation and upgrades

As the company grows, so do the upgrades and renovations. The Watch Service and Repair Workshop in Nicosia was upgraded and renovated in 2010, in order to provide a specialised clientele with unsurpassable, high quality service levels offered by the world class watch making houses.

A fully equipped workshop, staffed by highly knowledgeable personnel, trained from the respective watch makers, increases customer satisfaction, an immediate response to their needs and expectations.

The 2010 decade ends in the best possible way. In 2019, the Group adds luxury jewellery Chopard to its range of products.

A unique environment of luxury

The new decade marks a major completion stage for the company. 2020 sees the conclusion of a key renovation of the Limassol store, the last of a series of building renovations that the company was going through.

The boutique forms a unique luxury environment, in tune with the products in represents. In a space of exceptional architectural design, combining elegance, finesse and Avant Garde elements, the A.Stephanides & Son Luxury Goods Ltd aims at ensuring high quality service and is ready to respond to its customers’ high expectations.

International presence, international success

The Group is not just restricted to the Cyprus market. The trust shown by strategic partners over time, has allowed it to expand to other major regional markets, such as Greece, Romania and Lebanon. The company’s philosophy and work ethic remain the same on every country and strategic ambition conforms to a strict framework of standards and goals. Dedication to maintaining mutually beneficial long term relationships with international strategic partners is the most important pillar of a h2 corporate foundation.

Over the past few years, the Stephanides company has made it a priority to offer luxury experience to customers visiting its boutiques.

Innovation and credibility

The Group’s timeless vision flows out of its DNA: Innovation it its field, where excellence, knowhow and credibility respond to the responsibility and talent measured by the quality of products and companies it represents.

‘Our goal is to always provide our customers with a unique experience of service and maintain the Stephanides Group as a name that goes hand in hand with luxury’, Anastasios Stephanides & Son Ltd clearly states.

The Group that introduced luxury

Anastasios Stephanides & Son Luxury Goods Ltd goes back almost a century. Its roots lie in 1922 when Anastasios Stephanides from Asia Minor settled in Cyprus and a few years later opened a small retail store on Ermou Street, the commercial heart of Nicosia at the time. The next landmark was 1960 when Stephanos Stephanides, Anastasios’ son, returned from his studies abroad and joins the company. It was the beginning of considerable growth and the company’s expansion into luxury goods.

The Group’s general manager Andonis.E.Vasiliou spoke to us about the history of the company, present times and what lies ahead.

Mr.Vasiliou, you’re the general manager of a group with a century old history. How does it feel like to sit in that chair?

When we consider that it’s a company going way back, and talk about its founder, Anastasios Stephanides, who came to Cyprus as a refugee from Asia Minor at the start of the 2^nd decade of the previous century and then his son, Stephanos Stephanides, people who have stood out for their commercial capacity and capability, then you definitely feel the weight of this position. Finding yourself in this place, carrying such a long history, you inevitably realise the family’s massive social influence. So you think twice before taking a step forward, before doing anything.

It’s not just a financial consideration; you’re not just thinking about the result of a financial-business decision, simply the win or lose of that. This decision is also about how this great name is affected. To me, Stephanos Stephanides-I never met Anastasios Stephanides is one of the best businesspeople in Cyprus, if not at the top of the pile.

A multidimensional organisation

What stands out for you considering this century old history?

Two things. Firstly how a refugee from Asia Minor managed to raise an organisation to such great heights, employing up to 650-700 employees, a multi-dimensional business with a range of activities including the retail sale of cars, clothes, food, watches, jewellery and more.

Stephanides is such a multi-faceted organisation which definitely only goes to show the amazing ability of its people to reach commercial deals with major international firms, as well as promote Cyprus as an attractive destination to expand their activities.

Just consider that this happened in the 50s and 60s and Mr.Stephanides was travelling all over the world to make this happen with all the available means at his disposal. I will only mention the fact that he travelled to Japan four to five times a year. We’re not talking about Athens for example, a destination that today is easier to get to than even a long road trip in Cyprus. To me, this mere fact alone indicates just how special the Stephanides Group is.

Secondly, the more you contact and communicate with such international organisation and I speak here from experience too, one gets to realise the kind of appreciation that our company enjoys globally. Someone can also clearly see how these business giants manage their financial situation, how they view and handle the international, regional and local financial environment. And it’s a big mistake to think they are not aware of what’s happening in Cyprus.

In spite of our restricted geographical size, these companies know enough to invest in our relationship. It is impressive to witness how the mechanisms of these organisations actually move, how they see us, as well as receiving their valuable advice. They are truly at another level.

«Big Family»

Every organisation forges its character through its history. Their culture and DNA. What’s special about Stephanides?

If there’s one thing that really stands out about Stephanides is what we call ‘A big family’. It’s no accident that most of our employees have been working for us over 30 years. It was only rarely that Mr.Stephanides was forced to fire people and that was following serious misconduct. Relations between owners and personnel are truly excellent; we’re a family. Everyone really knows everyone over the past 30 to 40 years. So I would say that our culture and DNA is the fact that over time we were and have remained a big family.

Major changes

1960 was a landmark. Stephanos Stephanides returned from his studies and joined the company. That was essentially when luxury products activity begun. What’s the story there?

After completing his studies at the American University of Beirut, Mr.Stephanides travelled to Saint Gallen Switzerland and got his first job there. We all know that Switzerland is top of the line in luxury items, watches, jewellery and other such products. That’s where he first came into contact with that particular sector. On his return to Cyprus, he thought it would be a good addition to the business range of his father Anastasios Stephanides. It all started that same year with Eterna watches, followed in 1962, by Seiko watches.

Luxury items under one roof

The Stephanides showcases are adorned today by world class brands; Rolex, Patek Philippe, Chopard, Boucheron, Gucci, S.T. Dupont. What’s it like representing such global quality?

Well, first of all it’s an honour, and beyond that, recognition of the perceptiveness of certain people. Here we’re talking about organisations with budgets of billions of euro; and they trust Stephanides and Cyprus. I will just say that Patek Philippe, perhaps the most recognised brand of expensive watches, is not represented in countries with a much larger population than Cyprus, but has remained with Stephanides for over 30 years. And we also represent Patek Philippe in Greece. It’s an honour both for Mr.Stephanides and Cyprus as a whole.

Is it often that a company in your field represents products that essentially compete with each other, in the same store?

In major markets abroad, you have the multi-brand concept, one that we also represent, but also the mono-brand concept, which means that products from only one factory are promoted and sold. Our size as a country, in comparison and conjunction with the number of tourists visiting every year, makes mono-branding stores, non-viable.

Customers

How has the crisis affected you?

A large part of our clientele is considered neutral in periods of financial crisis and therefore we might have seen somewhat of a slightly less impact than other companies in retail trade. During this period of quite low and even negative interest rates, there is a global trend of considering watches and luxury jewels as an alternative form of investment. This is an investment you can easily carry (literally on your hand) and is equally easy to liquidate.

How much has the luxury products sector increased over the past 10-15 years?

Statistics indicate from time to time that the global circle of retail trade in luxury goods has significantly increased, but it really can’t go any further. This is simply because factories have a certain output ceiling. There might be more demand and I certainly want to sky rocket my sales, but there is a limit, due to the number of pieces that can be produced.

The 1964 Olympics and Mazda

The next landmark was 1964 when Stephanides went into car sales, namely Mazda. How was this decision taken?

It also has to do with the 1964 Tokyo Olympics no less. Mr.Stephanides was there as a guest of Seiko, the official timekeepers of the Games. He had a chance to watch the Olympics and at the same time, while there, he decided to turn his love of cars into a successful business; cooperation with Mazda, which has survived to this day.

Why did you stop representing Mazda? Not many people know the answer to that.

It was a strategic decision, following the crisis that begun in 2011 and climaxed in 2013-2014, to focus on what we knew best, selling luxury goods. In this framework and keeping in mind Mr.Stephanides’ emotional bond with Mazda and Subaru (we were involved in the retail trade of these cars too), it was decided to withdraw from the car retail sale business, but stay on as importers of both Mazda and Subaru. Our participation in the importing firm is 50% and the rest belongs to the Pavlides group, with the exclusive rights to promote and sell the cars.

Very high standards

You must be able to maintain certain standards of business if you’re representing Rolex, Patek Philippe or Gucci.

For sure. The standards are steep and as move ahead, they keep getting steeper. At regular intervals the organisations we represent, ask for store renovation, to keep in line with their corporate image. Last year for example, with all the difficulties we had to deal with in retail trade due to the pandemic, we completed a full renovation of our Limassol store.

Secondly, faithful to the need for our personnel to keep developing, we train and re-train our staff, either in Switzerland, France, or elsewhere, depending on the brands’ country; the pandemic has pushed this training online. Customer service is very particular; what your employees say, how they say it, what they do to assist and advise the customer, even how they are dressed; all this takes training. We are evaluated every year by the factories we work with.

Tell us about the Limassol store award.

It’s an annual European competition for luxury jewellery and luxury products stores interior design. The award was presented last year in London. It’s a truly brilliant recognition and we’re duly proud for it. It’s something that lifts us above the rest. The level of design inside the store, the quality of the furniture and equipment, how comfortable the place is and what the atmosphere is like, makes our store unique in Cyprus. We’ve invested quite a bit into it and the award is professional recognition for us.

Brand Luxury in showcases

Stephanides Luxury Ltd is the official, exclusive distributor of various luxury watch brands, such as:

• Rolex
• Patek Philippe
• Tag Heuer
• Τudor
• Chopard
• Baume & Mercier
• Seiko
• Gucci

Stephanides Luxury is also the official distributor of luxury jewellery and accessories for Cyprus in the following brands:

• Chopard
• Mikimoto
• Boucheron
• Casato
• Sutra
• S.T. Dupont accessories

Mazda multiple awards

Utilising its deep knowledge of the local market and its long standing experience of brand building and retail trade, the Stephanides Group of Companies has earned respect from international business partners.

The awards received throughout these years reflect the recognition and trust of its world class associates and clients.

In 2000, the Group’s president Stephos Stephanides was invited by the General Director of Mazda Motor Corporation Tsuneo Matsubara to Hiroshima, the company’s headquarters. During his visit, Stephanides was honoured on the excellent effectiveness of the Group in selling Mazda cars.

During a long and constructive cooperation with Mazda, the Stephanides Group has secured many awards in various sectors, such as sales turnover, promotion programmes, service following sales, spare parts and other relevant fields.

Anastasios Stephanides earned the following awards from Mazda:

1965

• • Valued Mazda Distributor Partner since 1964

1983

• Award for reporting technical information to Mazda Overseas Service Division

1988

• Mazda spare parts Management Award Program

1990

• Mazda spare parts Management Award Program

1996

• Two years consecutive share increase of Mazda vehicles

2000

• Mazda share increase of Mazda vehicles

2001

• Award in recognition of tireless efforts in marketing Mazda vehicles

2004

• Award for the 40 years of being the longest serving independent importer of Mazda vehicles

2009

• Award in recognition of 45 years as a valued Mazda partner