Magnolia Silver Jewelry Ltd. is expanding its international operations. The company is opening two stores in Poland and one in New York, at a total cost of NIS 1 million. The company already has two stores each in Canada, the US, and Hungary, and one each in Hungary and Australia.
The stores operate on the same concept as in Israel, with open-space locations in malls. All the stores are run by franchisees, except the one in Hungary, which is a subsidiary. Magnolia Silver Jewelry’s international turnover is estimated at $3 million year.
Magnolia Silver Jewelry’s foreign stores, like the ones in Israel, are located in malls, selling from counters and display cases that provide high access to visitors. The product mix overseas is the same as in Israel.
Magnolia Silver Jewelry was founded nine years ago, and has 300 employees. The company’s jewelry is made of silver, silver and gold, silver inlaid with gemstones, and silver and gold inlaid with semi-precious stones. Every sales point carries around 3,000 designs, and the company launches 300 new designs each month that replace existing inventory. Prices range from NIS 50 to NIS 1,000.
Magnolia Silver Jewelry produces most of its jewelry in Israel, and a quarter in Italy and Thailand under exclusive production contracts.
Published by Globes [online], Israel business news - www.globes.co.il - on December 7, 2005