"The Israeli market has a special connection to Gap": Elbit Trade and Retail CEO Arik Ben-Zino is not afraid to bring to Israel
Posted on: Mon, 17 Aug 2009 15:33:00 EDT
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GPS | Quote | Chart | News | PowerRating -- Elbit Trade and Retail Ltd. CEO Arik Ben-Zino is relaxed, as the man behind the signing of the exclusive franchise agreement with Gap Inc. (NYSE: GPS). He is also CEO of the Mango fashion retail chain, and he thinks he got a good deal. He is unconcerned that Gap suffers from fading sex appeal, boring fashion sense, and plummeting sales, including a 7.4 percent drop in revenue in the first quarter of 2009 compared with the corresponding quarter of 2008.
In an exclusive interview with "Globes" monthly magazine "Firma", Ben-Zino said, "Are Gap Kids and Baby Gap in decline. No." To explain his marketing rationale, he adds, "70 percent of the clothes in closets of most Israelis are basic brands. When we created focus groups, we found that the concept of basic was deep-rooted, so we thought that a brand that is entirely basic, basic American clothing, would have a bid advantage and be real news. It's possible to find different basic items in all kinds of stores, but as a concentrated general experience -- there is no such thing in Israel."
Ben-Zino added, "We've been in the market long enough to understand this power. On this playing field, we're quite alone with the concept. The brand itself is the largest in terms of numbers in the retail sector in the world. The brand is upgrading. We can choose from an immense collection. If it's possible to fill a 5,000-square meter store in the US, I can fill a 600-square meter store in Israel. Besides, we think that the Israeli market has a very special connection to this brand; a strong emotional connection. It's our job not to ruin that."
Elbit Trade is a wholly-owned subsidiary of Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT), which owns the malls where Gap stores will open.
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For full details on Gap Inc (GPS) GPS. Gap Inc (GPS) has Short Term PowerRatings at TradingMarkets. Details on Gap Inc (GPS) Short Term PowerRatings is available at This Link.
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