Africa-Israel also plans to open two more Inditex chains: Zara Home and Massimo Dutti.
Sources inform ''Globes'' that Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) plans to invest NIS 85 million in its Zara franchise in Israel.
Africa Israel has the Israel franchises for both Zara and Pull and Bear from Spain's Inditex Group SA (IBEX:ITX). Africa-Israel made NIS 540 million in sales from the two chains in 2007.
Africa-Israel plans to open more Zara stores and renovate current stores. The company also plans to open in Israel two more chains owned by Inditex: Zara Home, which markets home and bathroom textiles; and Massimo Dutti. The first store of Massimo Dutti, a Spanish women's fashion line, will open at the Ramat Aviv Mall, owned by Africa-Israel, in May, and the first Zara Home store will open at the mall in August. Zara Home will compete against Golf & Co. (TASE:GOLF) home textiles chain.
Published by Globes [online], Israel business news - www.globes-online.com - on February 17, 2008
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