Amsterdam-headquartered Irani Corp, an importer of international fashion brands and owner of the Factory 54 retail chain, has launched F54 AI Labs to develop AI and retail technology products.

The new unit will focus on customer experience, digital commerce, supply chain management, marketing, operations, and data-driven decision-making, with a planned investment of US$50 million.

The move follows a startup investment fund the group set up in 2021, through which it invested 100 million shekels (US$33 million).

To date, Factory 54 said it has invested in 10 startups across retail, digital commerce, and data, while using its retail business to pilot and implement technology.

Irani Corp has also appointed Gilad Zirkel as CTO to lead the group’s technology strategy and oversee technology, product, and AI development in Israel and Europe.

The group operates 154 stores and employs 2,200 people across Israel and Europe.

🔗 Source: Calcalist