Swedish clothing giant H&M has entered into a franchise agreement with Match Retail Ltd. for store openings in Israel, Ynet has learned. The first H&M store is planned to open during 2010.
Match Retail Ltd. is a privately owned company founded by the Horesh family. The latter will be the sole franchise owners and will handle all of the H&M's activities in Israel exclusively.
The Horesh family has various business holdings in activities in Israel, the likes of Union Motors and Lex Motors, the exclusive distributors for Toyota and Lexus in Israel.
"There has been a great interest in H&M from the Israeli market for quite some time and we believe that our business concept will suit the Israeli market well. Through this co-operation we will gain access to our franchise partner’s solid franchise experience and business network on the Israeli market," siad Rolf Eriksen, chief executive officer of H&M.
"We feel extremely proud and privileged to be chosen as H&M’s franchise partner in Israel and are committed to providing our customers with fashion and quality at the best price. With its full range of new and exciting products, we look forward to establishing H&M as a leading player in the Israeli fashion market," added Andrew Horesh, Chairman Match Retail.
H&M was founded in 1947. It currently spans 1,700 stores in 33 counties worldwide with annual sales amounting to $11.5 billion.