How Ancient Greek Sandals Defied its Country's Crisis

Impressively, despite starting up in the middle of Greece’s economic crisis, a time of violent protests against austerity cuts and mass trade union strikes across the country, footwear brand Ancient Greek Sandals has achieved an average rate of growth of 51.69 percent since its launch in 2012.

“It wasn’t devastating, but it was difficult,” says Nikolas Minoglou, co-founder and chief executive. “Thank god that we are self-financed and we did not need a loan, because it would have been impossible. The general environment is simply not business friendly. The VAT that we collect is not easily returned to us, bureaucracy is long and difficult and taxes are high.”

In 2013, unemployment in Greece reached 26.8 percent — the highest in the EU. The same year, Ancient Greek Sandals grew 73 percent and leapt in production from 26,000 to 45,000 pairs of shoes. “Our main factory was able to handle our growth — the Greek crisis was an ally in that. If it were not for the Greek crisis the factory would have been busy with other projects,” Minoglou continues.