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Forever 21 may be on its way to Israel
Youth fashion chain characterized by affordable prices and moderate quality that operates in US, Asia, and UAE, examining entry into Israeli market
After Gap opened in Jerusalem and pending H&M's awaited arrival next year, clothing chain Forever 21 is also examining the option of opening a store in Israel.
Forever 21's Executive Vice President Larry Meyer, an American Jew, arrived in Israel Wednesday. He was accompanied by Danny Gillerman, Israel's former ambassador to the UN who currently represents an American investment bank called Financo that specializes in fashion brands.
Meyer said that this is his first trip to scout out sites in Israel. He said that he was impressed by Israel's malls and their level of sophistication and quality.
Meyer also said that it has yet to be decided whether the chain's activities in Israel, if they are actualized, will be directly operated by the company or through a franchise. Meyer met Wednesday with Azrieli Group President Menahem Einan, Melisron Chairwoman and owner of Ramat Aviv Mall Liora Ofer, and various retailers.
Forever 21 was started in 1984 with its first store in Los Angeles and quickly became a success story. The company's owners, of Korean origin, identified the store's potential and started opening additional stores at an accelerated rate. The store is soon slated to open a store in Manhattan that will be close to 97,000 sq. ft.
The chain's sales are estimated at $1.3 billion per year. The chain has 460 stores in 13 countries and employs some 20,000 people.
The store is aimed at a young, teen market and operates its stores in a number of different formats: XXL Forever, its flagship store which includes a range of products from all the chain's various stores; Heritage 1981, which carries vintage clothes, accessories, and shoes; Reference, which carries women's products at a discount price; and For Love 21, which carries women's basics.
