Skincare products chain Laline Candles and Soap Ltd. has signed an agreement with UK retailer Brand Empire Ltd. to set up 30 stores across the UK, at an investment of $30 million. The stores will be operated by franchisees. The first store will be opened in April, and five stores will be operating by the end of the year.
As part of the deal with Brand Empire, Laline will close its two stores in London, which are run by a franchisee from a previous contract.
Fox-Wiezel Ltd. (TASE: FOX) CEO Harel Wiezel said, "Fox believes that Laline is a potential growth engine in the coming years. Fashion chain Fox owns half of Laline, with the other half held by the company's two founders.
The deal with Brand Empire is a significant breakthrough for Laline. Brand Empire is a subsidiary of Land Securities Group plc (LSE: LAND), which owns 40 malls across the UK and has a market cap of ₤8.7 billion.
Laline is also considering entering other foreign markets, including the US and the Far East. The chain has 53 stores in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on March 18, 2010
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