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Israeli apparel retail sector readies for M&As
17
Aug '12
A series of mergers and acquisitions (M&As) will take place amongst big and small garment businesses in Israel during the coming months, predicts Harel Wizel, controlling owner of the Fox fashion group.
 
Mr. Wizel says after a series of M&As, there would be only four or five big Israeli retail chains left in the entire country that will have a 20 to 30 percent share in the market, and the rest will be owned by foreign retailers.
 
Fox, the Israel-based fashion chain specializing in women's, men's and children's wear, has brought popular clothing brand ‘American Eagle’ to Israel. Many other local apparel retailers are exploring possibilities of partnering with other global apparel brands for the Israeli market.
 
In addition, many big Israeli retail chains have already initiated the process for either merging or acquiring with bigger international chains to avoid financial troubles in the future.
 
On the other hand, several small-and-medium-sized fashion apparel firms in Israel were forced to shutdown their businesses due to obstructed cash flow in the last few months.
 
Srigamish, one of the oldest textile and clothing companies of Israel, closed down its factory last week. Established in 1957, Srigamish operates through more than 45 stores in the country that are owned by franchisees. The company is yet to decide on future prospects of the franchisee-owned stores.
 
Another fashion chain called ‘Grip’ has also applied for protection from the court against creditors. The company owes around 31 million sheqels to various financial institutions.
 
Apparel chain ‘Bonita’ is also facing serious financial trouble due to cash flow problems after its creditors denied any extra credit to the company. 
 

Fibre2fashion News Desk - India

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