Fox will represent the SUNGLASS HUT sunglasses chain in Israel
Fox-Wiesel Ltd. has updated that it has signed an agreement with ApS Group Luxottica and an Israeli company wholly owned by it, Optics Luxottica Ltd. (Luxotica), under which the company was granted an exclusive license to establish and operate the SUNGLASS HUT chain of stores.
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15/06/2022
Wednesday, 15 June, 2022, 06:17 Updated: 08:09
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There are international brands that we are used to seeing in almost every shopping complex abroad, but for some reason did not come to Israel. The icons.
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Fox will set up 49 new stores within 7 years
SUNGLASS HUT
is an international chain of stores founded in Miami, USA, in 1971, specializing in sunglasses and complementary accessories and operating about 3,300 stores around the world.
Giorgio Armani, Burberry, Chanel, Dolce & Gabbana, Prada, Ralph Lauren, Tiffany & Co Versace etc.
Under the agreements, the license period is set at 10 years, which can be automatically renewed for two additional periods of 5 years each (unless the company waives On renewal of the period), subject to meeting an average annual rate of store opening and a minimum number of stores of at least 49 stores during the first 7 years as well as compliance with the provisions of the agreements.
The SUNGLASS HUT chain currently has about 3,300 stores worldwide (Photo: PR)
An estimated investment of NIS 90 million over 5 years
The agreements stipulate that the company will purchase the products directly from Luxotica and will also pay Luxotica, in exchange for granting the license, a monthly net sales total rate as defined in the agreement.
In addition, the agreements stipulate provisions regarding delivery conditions, returns, store renovations, termination of the agreement, etc.
According to the company's estimate, investments in the establishment of the activity, including investments in working capital (from the company's independent sources), are expected to total This information regarding the Company's valuations as
aforesaid
constitutes forward-looking information as defined in the Securities Law, 1968, since it is based on the Company's estimates and plans, and is based, inter alia, on the rate and quantity of store openings, and is dependent on Among other things, in the manner and extent of the Company's assessments.
Harel Wiesel, Fox-Wiesel Ltd. (Photo: Dima Tliansky)
"A big step in increasing competition"
Filippo Resini President of Retail SUN - EMEA
: "We are very pleased to cooperate with the Fox Group to lead the Sunglass Hut chain in the Israeli market. We are confident that local consumers will enjoy the wide variety, shopping experience and quality of the world's leading brands. We welcome the partnership and look forward to great success together. "
Harel Wiesel, CEO and owner of the FOX Group:
"We are excited to announce today a strategic partnership with the world's largest eyewear group, Luxottica, and the establishment of the Sunglass Hut chain in Israel, which is a major step in increasing competition, value and diversity for the benefit of Israeli consumers.
The cooperation between the groups is another significant step in the group's strategy to expand the brand mix, enter new markets and introduce leading international chains to Israel. "
SUNGLASS HUT, specializes in sunglasses and complementary accessories (Photo: PR)
Impressive portfolio and revenue of 21 billion euros a year
The group's portfolio includes brands such as Ray-Ban, Oakley, Vogue Eyewear, Persol, Oliver Peoples, Arnette, Costa del Mar and Alain Mikli, as well as authorized brands such as Giorgio Armani, Burberry, Bulgari, Chanel, Coach, Dolce & Gabbana, Michael Kors , Prada, Ralph Lauren, Tiffany & Co., and Versace and the group's offices are located in Milan, Italy.
The parent company EssilorLuxottica generated revenues of 21.5 billion euros in 2021 and is included in the Euro STOXX 50 and CAC 40 indices.
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