The company expects the stores to achieve a turnover $5 million in the first year, and to double turnover in the second year.
Stainless steel kitchenware maker Soltam Radad Ltd. will open shops in London and New York in the next four months at an investment of $1 million.
Soltam Radad VP sales Ami Lieberman said the company plans to expand to more cities in Europe and the US. The company expects the stores to achieve a turnover of $5 million in the first year, and to double turnover in the second year.
Lieberman said, “We’ve had customers who each month bought a container of pots for the Israeli community in New York. The international potential is huge.”
Soltam Radad posted $20 million in sales in 2006, up 11% on the $18 million posted in 2005. Lieberman said the company’s sales target was $30 million this year, of which 17% will come from international sales. The company predicts that international sales will account for half of total sales within three to four years.
Published by Globes [online], Israel business news - www.globes.co.il - on March 22, 2007
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