Canadian athletic apparel retailer Lululemon has opened its first store in Israel at an investment of NIS 10 million. The 550 square meter store is in the Ramat Aviv Mall in north Tel Aviv. Over the next three years, Lululemon plans to open seven more stores in Israel including two more stores in Tel Aviv, and in mid-2024 the retailer will launch an ecommerce website in Israel. Until then Lululemon brand goods can be bought on the Factory54 website, as a virtual shop-in-shop.
The Irani Group, which has been awarded the exclusive franchise for Lululemon in Israel, says that prices of items in Israel will be only 5% higher than in the US.
Irani Group owner Roni Irani said, "For the most part, an American brand is sold on the US market at significantly cheaper prices than the rest of the world. We have achieved a revolutionary price, we will be on average higher than the price in New York, even though VAT (sales tax) there is 8%, but at a lower price than in Dubai.
Lululemon was founded in 1998 in Vancouver, Canada by Chip Wilson. The company operates 600 stores worldwide.
Published by Globes, Israel business news - en.globes.co.il - on May 17, 2023.
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