Business beyond the borders of Cyprus: The success story of four Cypriot companies that conquered the world

Cyprus has managed to leave its own mark in the international business community. Starting timidly from this country and, with proper strategy and flexibility, finding the way to excel and conquer the world.

The people behind the Cypriot companies that conquered the world with their exports and international presence revealed how they developed beyond the borders of Cyprus at Inspire 2024 in Nicosia.

A panel made up of renowned Cypriots who each excel in their field shared advice, strategies, thoughts and concerns that ultimately led to great success. Personal stories that had a lot to teach.

From 300 loaves of bread to Manhattan

With hitherto unknown details and a big announcement, Demetris Zorbas, Chief Executive Officer of the Zorbas Group, was part of the panel.

He revealed that The French Workshop brand created by the Zorbas Group in 2015 and based in New York, is preparing to expand in the centre of perhaps the largest market in the world: Manhattan. "We are in discussions to get a large store in Manhattan, 500 meters large, very close to the centre of Manhattan," Zorbas said.

Thus traditional French products will reach more consumers in the US. Asked about the decision to expand to the US in the first place, the entrepreneur listed the following:

The USA is the world's largest market, has the highest per capita income and the highest spending citizens, per capita, of the entire planet.

"We chose the right partner. Someone had to put us in the game," he added.

Zorbas stated, “It's nice to see your dreams come true. There are challenges including time delays and communication issues with partners,” and he went on to advise, “Don't put everything in one basket. Take a sum, put it into your new venture but make sure that if something happens, the company doesn't go under."

As for the mistake? "We went to the Emirates, because a very good friend made 2.5 million turnover there. He advertised in all the Emirates. But it is another landscape and another culture. The business plan said we should sell our pies at a higher price.

Most residents in the area, however, were of Indian origin who, however, did not have enough money to buy a pie."

Asked at the end what brought him success, Zorbas' answer received applause. "The love me and my brothers have for each other," he said and continued "our father taught us the following-'United you will never lose.'"

He took over 17 years ago and the initial goal was to produce 300 loaves of bread.

A "terribly good team", the love between family members and the right strategy, were ingredients of success for what turned out to be far more than 300 loaves of bread.

Studying to achieve good preparation and analysis

Marios A. Cosma, Managing Partner of the Treppides Group, also participated in the panel discussion, entitled "From local to global: The rise of the Cypriot export masters and global presence builders."

Cosma made a comparison between foreign markets saying that in Malta and Cyprus shared similar customs and behaviour which has helped the large Group's expansion.

Access to the UK was also easy thanks to the fact that there are commonalities in the legal system. "Everyone must analyse their own data to evolve," Cosma suggested.

He went on to say the following: "We are a small market, but we (Cypriot businesspeople) are capable and have a lot of knowledge. We must feel confident, it is only a matter of time before foreign investors trust us," he explained.

Cosma also said: "It is good for everyone to look at themselves, their own strengths and based on these, and the services available, to think about where to go abroad."

As for what mistakes the country's entrepreneurs should avoid, basically, the right thing to do to avoid mistakes is to study.

"Don't expand by taking some things for granted, that what happens in Cyprus also happens abroad. Study when you go abroad and adapt to the conditions," he said in a speech that inspired and directed entrepreneurs towards the path of success.

Passion, lots of love dedication and hard work

Thrasos Tsangarides, founder and CEO of UW Group started with a review of the company which was founded in Limassol in 2000 with the aim of offering shipping services on a global level. In 2013, the first move was made at a global level with the a presence in Greece.

The choice was made for obvious reasons. "Shipping is the greatest strength of the Greek economy," noted. There were, however, significant limitations. In terms of legislation, labor system, even taxation as these are all different, Tsangarides continued.

However, he also warned entrepreneurs not to overthink their expansion. "Don't overanalyse. If you want to do it and it's in your best interest, you should do it,” he said encouragingly.

Tsangarides continued: “It takes passion, lots of love, dedication and hard work. There are many challenges but at the end of the day it takes a good team that shares your passion and vision and the rest is easy."

It was also easy to expand to other countries, he said. “We have plans for continued expansion. Expansion is in our DNA,” he boldly stated.

Tsangarides finally warned businesses to thoroughly study each new target. "Beware of misjudging a market," he recommended.

"Ignore fear"

Equally valuable was the advice from Thanos Michaelides, CEO of Thanos Hotels & Resorts who was also on the panel at the Pinolo venue during the Inspire 2024 festival.

Choosing the right team is critical for the CEO, as is having a common vision and way of thinking with the leadership.

Thanos Michaelides encouraged Cypriot businessmen to try their luck abroad: "If you want it, dare to do it. Don't be afraid to make mistakes. Just be flexible so that when mistakes are made you don't lose your compass,” was the message he gave.

According to the well-known CEO, the formula for dealing with difficulties is being prepared. "Don't be afraid of obstacles, just be ready to be flexible and move forward when you hit them." Coming to his own future moves and in particular in Greece, he said "I am prepared that I will find obstacles. But I am also ready to face them."

Another valuable piece of advice from Michaelides is: "Cyprus is a small market. You set the goals for expansion abroad from the beginning and include it in the business plan."

He added: "Ignore the fear. And if you make a wrong choice, correct it as soon as possible."

The coordinator of the panel was Christina Kokkalou, Managing Director, IMR/ University Of Nicosia.

(Source: InBusinessNews)