Fox signs franchisee deal with Greek retailer Jumbo

Jumbo branch in Greece  / Photo: Shutterstock

The agreement marks an expansion of the retail activities of Fox controlling shareholder Harel Wizel who has previously focused on fashion and clothing.

Israeli retail fashion chain Fox-Wizel Ltd. (TASE: FOX) has reported that it has signed an agreement with Greek retail chain Jumbo S.A. to operate stores under its brand in Israel. The agreement marks an expansion of the retail activities of Fox controlling shareholder Harel Wizel who has previously focused on fashion and clothing.

Jumbo retails toys, baby items, seasonal items decoration items, boos and stationery and its entry into the Israeli market will put it into direct competition with local retail chain Max Stock, which held a highly successful initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE) earlier this week at a company valuation of NIS 1.7 billion.

Fox reported that it hopes to open its first Jumbo store in 2021 and that each store will cost about NIS 15-18 million to open. Each store will be up to 10,000 square meters in size and thus involves a major investment. Max Stock stores are typically 2,000 square meters in size.

Published by Globes, Israel business news - en.globes.co.il - on September 17, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Jumbo branch in Greece  / Photo: Shutterstock
Jumbo branch in Greece / Photo: Shutterstock
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