Two years after obtaining a partial franchise for NIKE stores in Israel, Fox-Wizel Ltd. (TASE: FOX) is taking a major step forward towards becoming a major player in the local sportswear market. The company today reported that it had signed an agreement with global company Foot Locker for the development and operation of a chain of stores in Israel selling footwear and clothing items from the world's leading brands. The agreement was signed through Fox subsidiary Retailors, through which Fox owns NIKE stores in Israel.
Foot Locker is one of the largest international retailors in the sector, with 3,400 stores in 23 countries in North America, Europe, Australia, and New Zealand under various brands, the largest of which is Foot Locker. The company is traded on the New York Stock Exchange at a $9.2 billion market cap.
The Foot Locker chain sells all the leading sports brands, including NIKE, Adidas, New Balance, Under Armor, Mizuno, Puma, Asics, and others.
The agreement between the parties is for 10 years. The first store in Israel is slated for opening in the second quarter of 2017.
Fox CEO and controlling shareholder Harel Wizel said today, "I'm proud and excited that Foot Locker has expressed its confidence in the Fox group by selecting us to lead the development of its retail business in Israel. We're now beginning our joint and exciting journey together. Foot Locker is a multi-brand international retail sports footwear and clothing company. I have no doubt that together we'll successfully launch the brand in the Israeli market, and become a significant player in the retail sportswear market in Israel."
Foot Locker EVP and CEO Lew Kimble said that his company "regarded the Fox group and Harel Wizel as strategic partners in the development and operation of a chain of Foot Locker stores in Israel. We believe that there is substantial business potential in Foot Locker stores in the Israeli market, and that cooperation between the parties will lead to great success in Israel."
Published by Globes [online], Israel business news - www.globes-online.com - on October 27, 2016
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