HIGHLIGHT: Ciro Inc., the New York-based international leader in imitation-jewelry retailing, has plans to encourage its suppliers to invest in Israel as well as to strengthen its own operations here. links of london sale
Ciro Inc., the New York-based international leader in imitation-jewelry retailing, has plans to encourage its suppliers to invest in Israel as well as to strengthen its own operations here. Links of London Earrings
Like many overseas Jewish businessmen, Ciro chairman Abe Gold has the dream of contributing to Israel's growth but, unlike many others, he has not limited himself to the expansion of his own business. Sweetie Bracelet
In an interview yesterday, Gold outlined large-scale plans to set up a chain of jewelery shops in this country as well as to offer incentives for Ciro suppliers to establish manufacturing plants here. Sweetie Bracelet Medium
Ciro, a public company listed on the Nasdaq over-the-counter market, is based in New York and has administrative offices in London and Munich. With 154 outlets - under both the Ciro and Kenneth J. Lane names - in 14 countries, it is considered a leading international retailer of "affordable alternatives" to fine jewelery.
Much of its imitation jewelry is patterned on the original designs of Bulgari, Tiffany, Van Cleef & Arpels and other world-class jewelers.
The company recently developed a five-year expansion plan aimed at increasing its retail outlets to 200. Among the markets it has targeted for exmpansion are the Caribbean, Canada, Europe, the Middle East, Asia and Central and South America.
Gold forecasts sales to increase by $15 million-$70m. within a year, reaching between $65m.-$70m.
In the framework of its five-year plan for increased growth and profitability, Ciro last year established Ciro (Israel) Ltd., owner of the company's local franchise.
The franchise opened its first store in Ra'anana seven months ago and, according to managing director Hedva Fensterheim, is doing very well.
"We expect to open an additional five stores in the next year or two, at a total investment of $1.5m.-$2m. ," said Gold.
The chairman was in Israel this week to choose additional locations for Ciro stores. During his stay, a lease was signed for a store in the new shopping mall in Jerusalem (expected to open in March 1993) and negotiations were held to set up stores in three locations in the Dan region.
Ciro (Israel)'s products now are imported from the US, but Gold hopes to bring suppliers to Israel once Ciro has established a firm base in the country. Several months ago, he explained, the recession in the US and UK made it unrealistic to even think of proposing such an idea, but recent signs indicate a gradual recovery for those economies.
"I hope to suggest to our suppliers to open up manufacturing facilities here. We can encourage them by guaranting all their production," said Gold. "The labor cost in Israel is relatively cheap and the quality is high. We can not purchase goods from the Far East because of the low quality.
"I would like to build a big base here, but need help in getting locations," stressed Gold and explained the difficulties associated with obtaining leases in successful shopping malls.
"We spoke to one mall manager who informed us that the waiting list exceeds 300 retailers. If I were him, I would consider what type of stores are best for the mall rather than put us at the end of the list."
Ciro began in 1917 as the Ciro Scientific Pearl Company, a London-based direct-mail catalog business. The first store was opened in 1920 on Old Bond Street and, since then, the company has expanded throughout the UK, Europe and the US.
The Ra'anana franchise offers a broad slection of jewelry at prices that range between NIS 23 and NIS 10,000 with a typical item selling at between NIS 60 and NIS 200.
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