Jerusalem, Israel (CNS) – Swedish fashion retailer Hennes & Mauritz (H & M) have entered into a franchise agreement with Match Retail Ltd, a privately owned company, which will allow them to further expand their base in Middle East.
“There has been great interest in H&M from the Israeli market for quite some time and we believe that our business concept will suit the Israeli market well,” WWD Retail quotes Rolf Eriksen, H&M’s chief executive officer as saying.
The first H&M store in the country is planned to open in 2010 In Israel, company said in a statement. H&M already operates franchise stores in Saudi Arabia, Oman, Bahrain, Dubai, Kuwait and Egypt.
Match Retail Ltd has been founded by the Horesh family for the exclusive purpose of handling H&M in Israel. Other business holdings for the Horesh family include Union Motors and Lex Motors, the exclusive distributors for Toyota and Lexus in Israel.
The family will be the sole franchise owners and will handle all of the H&M’s activities in Israel exclusively.
Founded in 1947, H&M currently spans 1,700 stores in 33 counties worldwide with annual sales amounting to $11.5 billion.