Report: Gloria Jeans enters Israeli market, mulls Arab states

MOSCOW, Aug 28 (PRIME) -- Russian clothes retailer Gloria Jeans has entered the market of Israel and is studying several other markets, including in the Arab states, founder and Chairman of the Board of Directors Vladimir Melnikov told Forbes in an interview released on Monday.

"The company is already launching stores in Israel and is considering Greece, Turkey, Egypt and other Arab states," Melnikov said.

The businessman said that Gloria Jeans did not expect to get a more than 150 billion ruble revenue in Russia under the existing brand or 200–250 billion rubles in case of new brands development. "There is no larger market here. We will not be able to sell more in Russia taken people's purchasing power," he said.

According to Melnikov, the exodus of foreign brands from Russia has made it uninteresting for people to go to the stores and has made the situation difficult for Gloria Jeans.

He separately said that the company planned to produce about 25% of the cloth it uses and buy about 70% in China.

(94.7117 rubles – U.S. $1)

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