Lev Leviev has sold another 8% of fashion chain Fox-Wizel Ltd. (TASE: FOX) for NIS 115 million, just over a month after selling 7% of the company for NIS 86 million. The sale, brokered by Excellence Brokerage Ltd., was made at NIS 101 per share, 4% less than today's opening price.
Altogether, Leviev has sold 15% of his 20% stake in Fox for NIS 201 million. The balance of his holding is worth NIS 50 million. He sold the shares following the 90% rise in Fox's share price in the past year. Leviev first invested in Fox in 2005 through his private company Memorand Management (1998) Ltd. (through which he controls Africa-Israel Investments Ltd. (TASE:AFIL)), buying a 10% stake in January 2005 and another 10% a year later. He sold a third of the holding after making a more than 500% return on the investment.
In addition to Fox brand retailers, the company owns half of Israeli soaps and fragrance chain Laline, and is the Israeli franchisee of American Eagle Outfitters, and Australia's Billabong International Ltd. (ASX: BBG) (50%) and its shoe subsidiary Marcha Ballerina, and Sacks Fifth Avenue (50%). Fox has 250 points of sale in 11 countries. The company posted NIS 1.05 billion revenue in 2013, up 13% on 2012, and a net profit of NIS 94 million, up 15.5%.
Published by Globes [online], Israel business news - www.globes-online.com - on March 12, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014