It's final: American Eagle is landing in Israel . Fox Group CEO Harel Wizel and American Eagle signed a contract last week, according to which Fox will receive the franchise rights to represent the American clothing giant in Israel. The opening is slated for 2012.
Fox estimates that the cost of operating the stores for the first three years will be NIS 45 million (about $11.5 million) and plans on funding the investment from private sources.
Israel will be among the first countries in the world that the renowned American brand will have a presence in as part of their strategy to expand beyond North America. In 2010, the company started distributing franchises outside the US and set up shops in Kuwait and Dubai.
The first American Eagle store is slated to be opened in Israel in January 2012. Until then, staff will be recruited and will undergo training in New York. Simultaneously, locations for the store will be scouted out in Israel. The store's concept requires large stores of some 1,000 sq m (about 10,700 sq ft) each.