12 October 2025

ONYX Tourism: From tourism to swimwear and back again

By Viki Tryfona

The €388 million investment and the entry into the Main Market of the Athens Stock Exchange

ONYX Tourism S.A. is taking the next big step in its journey, moving to the Main Market of the Athens Stock Exchange as of Monday, October 13, 2025. The company’s CEO, Leonidas Zisiadis, will ring the traditional “bell” to mark the start of the trading session during a ceremony at the Stock Exchange, attended by market executives and representatives of the business community.

The transition of ONYX from the Alternative Market (ENA) to the Main Market seals an impressive transformation. The company, which made its debut on ENA in July 2023 with a valuation of €10.2 million and a core business in swimwear and underwear under the MED brand, has now evolved into an investment entity with a valuation of €170 million, focusing on tourism, agri-food, and sustainable development.

The €388 million project in Sani, Halkidiki

ONYX is implementing one of the country’s largest tourism and agrotourism projects, with a total value of €388.1 million, on a privately-owned plot of 434 stremmas in Sani, Halkidiki. The plan, which has already been submitted for inclusion under the Strategic Investments framework, is expected to be primarily funded through the Recovery and Resilience Facility (RRF), with an eligible portion amounting to €287.8 million. The remaining amount will be covered through self-financing and a future share capital increase of €28.8 million.

The tourism complex will include hotel units, luxury villas for sale, tourist residences, dining venues, spa facilities, conference rooms, as well as cultural and agrotourism infrastructure. The company aims to create a fully integrated resort that combines high-end hospitality with productive and cultural activities, contributing to the economic and social revitalization of the region.

A green investment

Special emphasis is placed on energy self-sufficiency and green technologies. The project will utilize the geothermal energy of the Sani–Afytos field, and will integrate photovoltaic systems, water and waste management facilities, along with extensive tree planting — including 5,000 olive trees, vineyards, and orchards — as part of a sustainable development approach.

At the same time, plans include the creation of a visitor-friendly winery, an agrotourism museum, a theater, sports facilities, and cultural spaces, reinforcing the resort’s identity as an experiential destination rather than just a place to stay.

From fashion to development

ONYX’s transition from the fashion industry to tourism is seen as one of the most characteristic examples of strategic transformation in the Greek business landscape. In just two years, the company proceeded with property contributions, a corporate name change, and a complete restructuring of its business model, adding new development projects and investment capital to its portfolio.

The successful entry into the Main Market and the major investment in Halkidiki, according to market analysts, represent a “vote of confidence” in the Greek economy and the dynamism of the domestic tourism sector, which continues to attract significant capital and create new growth opportunities.

The man behind ONYX

Leonidas Zisiadis, a businessman from Northern Greece, returns to where his family began. The main shareholder and head of the MED underwear company from Thessaloniki decided to invest in tourism, leveraging his experience in retail. MED entered the stock market in July 2023, with a capitalization that now exceeds €85 million.

Zisiadis joined MED in 2021 as a strategic investor and, within less than two years, took control of the company from its founder, Efthymis Chatzivasileiou. In 2023, he fully assumed leadership, setting more ambitious goals for extroversion and growth. As he stated at the time, “To the shareholder, we owe not just returns, but consistency in high standards and ambitious goals.”

Zisiadis’ focus on tourism is not coincidental. It’s a family tradition: along with Anastasios Andreadis, his business partner and relative by marriage, they laid the foundation for the Sani Resort. Zisiadis remained a key shareholder in Sani until 2015, when the group came under the control of the CIG fund from Singapore.

Today, through ONYX, the entrepreneur returns to Halkidiki with a new major investment, following the absorption of three subsidiaries (ONYX, Green Hope, and Aganor). The plan involves the construction of luxury tourist accommodations in Sani, aiming for project completion by 2028, with funding from the Recovery Fund.

Leonidas Zisiadis, a graduate of Cass Business School London in Business Administration and Finance, managed investment portfolios before turning to industry and tourism. With ONYX, he is essentially returning to his roots — to the land of Halkidiki and the sector that defined his family. And by all indications, his new venture aspires to unite his entrepreneurial past with the future of sustainable tourism development in Greece.