US fashion chain Forever21 is coming to Israel. Sources inform ''Globes'' that founder and CEO Do-Won Chang arrived in Israel today to meet with potential licensees.
One meeting has been scheduled with Sakal CEO Solly Sakal, who declined to comment on the report. Other meetings have been scheduled with Menachem Einan, CEO of malls owner Azrieli Group, managers of department store chain New Hamashbir Lazarchan Ltd. (TASE:MSZB), and with Jackie Ben-Zaken, chairman of malls owner Israel Financial Levers Ltd. (TASE:LVR).
Forever21 is a leading "Fast Fashion" brand, founded in Los Angeles in 1984 by Chang, a Korean-American, and his wife.
Forever21 reportedly had a 30% increase in sales in 2007, to $1.3 billion, on which it posted a profit of $135 million. The chain operates 460 stores in 13 countries, and has 20,000 employees. It has outlets in the US, Canada, South Korea, the Philippines, Singapore, Indonesia, Malaysia, Thailand, China, Jordan, Oman, the United Arab Emirates, and Saudi Arabia.
Fashion21 marked a milestone in 1995, when it had 40 stores, when it opened its first store outside California, in Miami.
Published by Globes [online], Israel business news - www.globes-online.com - on October 21, 2009
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