It was $30 million dollars in sales for private label kitchen ware stores, but a single piece of kitchenware from one of those stores could make up half the purchase price.
The company, Shoptax, is owned by Israeli entrepreneur and entrepreneur who founded the company last year.
Shoptax sold 1,500 sets of kitchen utensils, ranging from utensil kits to knives, and said it plans to make another 300,000 kits in 2017.
The company has raised $35 million in funding, including from investors including Fidelity Investments, the Carlyle Group, and the Goldman Sachs Group.
“It’s the biggest piece of furniture ever made in Israel,” said Yaron Rabinovitch, co-founder of Shoptex.
In addition to the kitchenware sold at the retail outlets, the company plans to sell a wide range of items such as stainless steel, ceramic, wood, glass, metal, paper, and leather.
According to Shoptaxis CEO Avi Cohen, the private label stores are selling out at a much faster rate than the private labels and the company expects to double its sales by the end of the year.
Cohen said the company has already sold more than 1.5 million units.
“The private label business is the way to go,” he said.
“We’re doing the private brand business in Israel.
If you look at the success of the private brands in the U.S., it’s a great market.”