Five years after entering the Greek market, Sport Vision, the Serbian-owned retail powerhouse dominating Southeast Europe, is facing a mounting financial crisis. Despite a massive expansion of its store network and a double-digit jump in revenue, the Greek subsidiary saw its losses more than double in 2024.
According to audited financial statements, Sport Vision Greece recorded losses of €5.38 million in 2024, a staggering 110.7% increase compared to the previous year. The decline comes despite a 42.4% surge in turnover, which reached €18.58 million.
Gross profit margins shrank from 39% to 33.4%, a nearly 6-percentage-point drop. For every €1 in sales, the company is spending €1.28 in operating expenses. Distribution costs alone soared nearly 60% as the company raced to open 24 locations across Greece.
Four capital hikes in 18 Months
Between January 2024 and June 2025, the group executed four consecutive capital increases, ballooning the share capital from €1.8 million to €7.8 million. Most tellingly, the final two injections in June 2025 occurred just six days apart.
The “Nike advantage” fails to deliver
On paper, Sport Vision holds a “holy grail” advantage: a strategic tier-one partnership with Nike, allowing it to carry premium lines that many local competitors cannot access. However, even the “Swoosh” hasn’t been enough to unseat domestic incumbents.
For comparison, market leaders Intersport (Fourlis Group) and Cosmos Sport (JD Sports) dwarf Sport Vision’s footprint, reporting 2024 revenues of €153 million and €182 million respectively, as capital.gr reports.
