He may have enjoyed periods of glory over a number of years, but he ultimately did not avoid a painful shipwreck, as was the case with other well-known names in the domestic apparel market.

The central facilities of the company have come under the hammer of electronic auctions. Initially listed at a starting price of €3,119,000, the reserve price has now dropped to €1,871,400 after multiple failed attempts—a decrease of €1,247,600, according to rulings by the Single-Member Court of First Instance of Athens.

The Upcoming Auction

The next multi-property auction for the company’s central facilities in Kolonos is scheduled for September 24, 2025, initiated by doValue. It targets the company “Afoi M. Kaminioti S.A. – Industrial Clothing Manufacturing and Trade Company” and involves horizontal properties forming a four-story building along with 31 parking spaces.

The plot, deemed complete and buildable after the widening of Irous Street, covers an area of 1,050.22 sq.m. within the official urban plan of the City of Athens, located in the “Kolokynthous” neighborhood on Irous Street (formerly No. 21, now No. 13A).

According to the auction documentation, the building includes:

• Basement: 586 sq.m.
• Ground floor: 624.40 sq.m.
• First floor: 671.90 sq.m.
• Second floor: 671.90 sq.m.
• Third floor: 662.10 sq.m.
• Fourth floor: 280.60 sq.m.

These, together with the parking spaces, are auctioned as a single economic entity.

The Rise and Fall

The “Lussile” brand was for years synonymous with quality women’s fashion, gaining significant market share during and after the 1990s.

Although “Lussile” was officially founded in 1990, the Kaminiotis brothers had been active in the women’s clothing sector since 1973, when they established “Afoi Kaminioti O.E.”, focusing solely on the tailoring of women’s garments.

The company later became an Ltd., and in 1990, transformed into an S.A., launching the “Lussile” brand and expanding into clothing and accessories (belts, handbags, scarves, etc.). From then on, it became established in the market as a vertically integrated company offering high-quality, stylish fashion for modern women.

The first “Lussile” store opened in 1993 in Thessaloniki, followed by several others in Athens and major cities across Greece.

Thanks to its high quality and relatively affordable prices, the company quickly rose in fame and performance. At one point, the Kaminiotis brothers’ firm was considered the second-largest domestic producer of women’s fabric clothing. The brand was particularly known for its Italian, French, German, and Greek fabrics, and highly aesthetic designs.

By the mid-1990s, turnover exceeded 2 billion drachmas, with profits reaching 280 million drachmas.

Decline

However, like many in the sector, the company was hit hard by the prolonged economic crisis in Greece. A pivotal factor in Lussile’s downfall appears to have been a €8.6 million bond loan issued by banks in 2009, of which a significant portion later remained uncovered.

Subsequently, the Kaminiotis family members involved in the company’s management resigned, leaving the company leaderless.

Since 2019, the company has operated under a court-appointed administration initiated by the banks, currently managed by N. Avgoustiniatos, F. Papadogiannis, and M. Chinaris.