After years of promises, the first branch in Israel of Urban Outfitters may be opening. Fox-Wizel Ltd. (TASE: FOX) today reported that it was in advanced negotiations to build and operate stores for brands of the Urban group in Israel, including Urban Outfitters, Anthropologie, and Free People. The agreement being negotiated also includes the sale of Urban brands in the Fox virtual store now being set up.
In its notice to the Tel Aviv Stock Exchange (TASE), Fox reported that after the negotiations are completed and an agreement is signed, the Fox group plans to establish a subsidiary to operate the Urban brands in Israel. Fox said that pace at which stores would be opened would be according to the business plan signed by the parties.
Founded in 1970, the Urban group is a leading retailer of fashions, accessories, home design, etc. operating in the US, Canada, and Europe under the Urban Outfitters, Anthropologie, and Free People brands. The company operates over 500 stores and 1,400 sales points worldwide. Its revenue totaled $3.5 billion in 2016, and its operating profit margin was 11%. The company headquarters are in Philadelphia.
The Urban group's three brands that will be sold in Israel are Urban Outfitters, a fashion brand that sells men and women's fashions, accessories, and home products at 200 stores worldwide (including 43 in Europe); Anthropologie, a fashion brand that sells clothing, jewelry, home furniture, and toiletries at over 200 stores worldwide (including 13 in Europe); and Free People, a fashion brand that sells women's clothing, accessories, footwear, bathing suits, and toiletries at 125 stores in the US and Canada, and is sold at over 1,400 sales points worldwide.
The Fox group includes Fox, Fox Home, American Eagle, Aerie, Mango, Laline, The Children's Place, Foot Locker, Charles & Keith, Sacks, Yanga, Billabong, and Nike.
Published by Globes [online], Israel Business News - www.globes-online.com - on June 18, 2017
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