US department store Bed, Bath & Beyond (Nasdaq:BBBY) is considering regular purchases of Israeli textiles, Minister for Economic Affairs to North America Zohar Peri told “Globes”.
Peri arranged a meeting between Bed, Bath & Beyond co-chairman and co-CEO Warren Eisenberg and Minister of Industry and Trade Ehud Olmert in New Jersey last week. They agreed that Bed, Bath & Beyond buyers would meet representatives of Israeli textile firms soon to examine their products and ability to meet the chain’s delivery requirements.
“This is a major achievement for the Israeli companies,” said Peri. “Israel’s textile sector dreams about a breakthrough to Bed, Bath & Beyond.”
Bed, Bath & Beyond has 470 stores across the US, with an annual turnover of $3 billion, and a 9% profit on turnover. “Fortune” reported that the chain’s profit reached 29% in 2002.
Exports by Israel’s home textile sector - sheets, blankets, carpets, pillows, bed covers, etc. - is $120 million a year, mainly to the US. Israeli companies, including Arigei Matzuva, Kitan Textile Industries, Offis Textile (TASE:OFIS), Wardinon Textile (TASE:WRDT), and Yehuda Silberberg Ltd. / Nili Collection already sell to major chains, such as Bloomingdale’s, Pottery Barn, JC Penney, Macy’s, and catalogues like Spiegel and Eddie Bauer.
Published by Globes [online] - www.globes.co.il - on May 12, 2003