Israeli retail fashion chain Fox-Wizel Group (TASE: FOX), controlled by Harel Wizel, today signed a franchisee agreement to open a chain of Sunglass Hut stores in Israel and sell Luxottica brand sunglasses – the world’s largest sunglass retailers. As part of the agreement, Fox is receiving an exclusive license to operate the stores of the brand in Israel and the West Bank. This provides Fox with an opportunity to expand operates and an opportunity for Sunglass Hut to enter Israel after a failed attempt to buy the Erroca chain ten years ago, after it was blocked by the Israel Competition Authority.
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Fox will receive the franchise for 10 years with two further automatic extensions of five years. Fox will have the right to halt the agreement after 10 years, if it is not able to open a minimum of 49 stores around Israel in its first seven years of operations. Fox will pay Luxottica a percentage of net sales for the franchise.
Luxottica’s best known brands are Costa, Ray-Ban, Persol, Oliver Peoples and Oakley. Luxottica also makes sunglasses and prescription frames for designer brands such as Chanel, Prada, Giorgio Armani, Burberry, Versace, Dolce and Gabbana, Michael Kors, Coach, Miu Miu and Tory Burch.
Luxottica has 18,000 stores worldwide including 3,300 Sunglass Hut outlets.
Published by Globes, Israel business news – en.globes.co.il – on June 14, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
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