Under the agreement, American Eagle will control it, for the establishment of retail, wholesale and trade sites of the American Eagle brand worldwide. The joint venture will operate in a number of countries in Western and Eastern Europe. In the future, it is possible to expand to other countries in Europe and outside Europe.
In July 2020, Fox closed another business owned by the Urban Outfitters brand.
Fox then reported that the cost of the investment expected by it in the first four years of the brand in Israel is estimated at NIS 40 million. In the first quarter report of 2020, Fox recorded expenses of NIS 6 million on the decrease in the value of the Urban Brands franchise in the item sales and marketing expenses. In addition, deferred tax assets in the amount of NIS 3.8 million were written off.