Fox-Weizel Ltd. (TASE: FOX) formally launched the women’s footwear chain Charles & Keith in Israel today, with the opening of the chain’s second branch, at the Kanyon HaGadol mall in Petach Tikva. The first store opened last week in the IKEA North in Haifa Bay compound. Within two months, the chain will have 12 stores in Israel, and by the end of the year there will be 17.
Stores will be opened in the Hazahav mall in Rishon Lezion, the Givatayim mall, G Kfar Saba, the Ayalon mall in Ramat Gan, Big Fashion Ashdod, the Renanim mall Ra'anana, Grand Canyon Haifa, Arena Nahariya, the Ramla mall, and the Green Kfar Saba compound, as well as other locations.
Fox Group CEO and controlling shareholder Harel Wiesel believes there will be 40 branches within three years, and the chain will have an annual turnover of more than NIS 100 million.
Charles & Keith is a Singaporean footwear, bags and accessories brand named after its founders, Charles and Keith Wong. The brand’s first store opened in Singapore in 1996. Five years later, the company began opening stores outside of Singapore. The most significant step up, both in terms of design and quality and in financial terms, was in 2011, when Louis Vuitton bought 20% of the company.
Charles & Keith Israel CEO Einat Portugali said, “The brand presents a total look, and its attitude is that with time and awareness, people will understand that this is a footwear, bags and accessories brand.”
In Singapore, Charles & Keith is a discount brand. What is the price difference between Singapore and Israel?
“The brand’s home is Singapore. The brand also costs more in Thailand and the Philippines than it does in Singapore. Here we sell the brand at price, plus our surcharges - import fees, freight, and VAT, but we are not more expensive than other international countries. The difference between here and Singapore is between 30% and 50%, depending on the item.”
Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2015
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