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Irani Group invests NIS 22 million in new Factory 54 flagship store

Umito October 28, 2024

The Iranian fashion group has invested 22 million shekels to open a new flagship store, Factory 54, in the Big Complex in Beersheba. This store aims to serve residents of southern Israel, particularly those looking to purchase the group’s premium brands, which are typically found in the central region.

Spanning an area of 2,250 square meters, the Beersheba store will feature all of the company’s international brands, including Dolce & Gabbana, Michael Kors, Ralph Lauren, Lacoste and Boss, among others. Prices for these brands range in the thousands of shekels and above, targeting a luxury segment of the market.

The Beersheba flagship store joins other Factory 54 locations located in strategic shopping areas across Israel, including the Tel Aviv Port. The group also has a store in Eilat, where it plans to expand its operations. Last year, the group opened a store in Jaffa Port, offering deep discounts on items from previous collections.

The group also operates a store in the duty-free zone of Ben Gurion Airport, where it achieves particularly high sales per square meter. Like many other fashion groups, Factory 54, owned by Roni Irani and his family, has been hit by the sharp decline in tourism, which has impacted its overall sales. However, Israelis who travel less abroad have shifted their purchases to the local market.