Over the next three years, Lululemon plans to open seven more stores in Israel including two more in Tel Aviv.
Canadian sportswear retailer Lululemon opened its first store in Israel with an investment of NIS 10 million. The 550-square-meter store is located in the Ramat Aviv Mall in northern Tel Aviv. Over the next three years, Lululemon plans to open seven more stores in Israel including two more in Tel Aviv, and in mid-2024, the retailer will launch an e-commerce site in Israel. Until then, Lululemon brand merchandise can be purchased on the Factory54 website as a virtual in-store.
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Irani Group, which has acquired Lululemon’s exclusive franchise in Israel, says that prices for the materials in Israel will be only 5% higher than in the United States.
Irani Group owner Roni Irani said: “For the most part, an American brand is sold in the US market at much cheaper prices than in the rest of the world. We have achieved a revolutionary price, and it will be on average higher than the price in New York, even though the VAT is (sales tax) is 8%, but at a lower rate 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.
© Copyright Globes Publisher Itonut (1983) Ltd., 2023.
Lululemon Tel Aviv store credit: Moshe Gitlis