Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) subsidiary Elbit Trade And Retail Ltd. has signed an exclusive franchise agreement with Gap Inc. (NYSE: GPS) to open and operate Gap and Banana Republic stores in Israel.
Elbit Retail CEO Arik Ben-Zino said, "The first Gap store will open in Israel in the second half of 2009. The store will carry a wide range of infant, children, men, and women's lines. We also plan to market addition Gap brands. We'll open the first Banana Republic men and women's stores in 2010."
Elbit Imaging chairman Mordechai Zisser said, "We are confident that our experience with the Mango and G-Star brands, together with our expertise in shopping mall and entertainment center development, will help us to maximize Gap and Banana Republic's potential in Israel."
Elbit Trade has expanded the Mango chain in Israel from eight stores to 25, and boosted sales turnover four-fold.
Elbit Imaging's share fell 5.7% on Nasdaq yesterday to $12.51. The share fell 0.3% in early trading on the TASE today to NIS 53.60.
Published by Globes [online], Israel business news - www.globes-online.com - on February 18, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009