The Fox Group has begun examining the possibility of opening Fox Home stores abroad, Harel Wiesel, the controlling owner and CEO of the largest retail group in Israel, said yesterday in a conversation with investors. “The chain is profitable, it gives a shopping experience and lifestyle, and there is no such concept in the world.”
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Fox Home is not the only chain that Wiesel is considering moving abroad. The Minna children’s clothing chain, whose purchase has not yet been completed, is also on the horizon and in the future the group also aims to move the Shilab baby network and the RED cellular network, which was opened in partnership with HOT.
In 2010, fashion and home fashion accounted for 94% of Fox Group sales, while Lynn owned 6%. As of 2021 (January to September), the distribution of sales shows that fashion and home fashion activity is reduced to 44%, Lalin holds 30% and the sports sector 26%. Sales abroad constitute 8% of a sales turnover of NIS 3 billion.
“Our vision is that in five years’ time, 50% of the Fox Group’s operations will be in Israel and 50% abroad,” said Wiesel. an island). When we opened Nike in Canada we built offices and headquarters in Canada that would give every opportunity to grow with Nike in Canada. We did the same with Nike in Europe, where we opened headquarters and offices in Warsaw and Stockholm. I do not believe in remote control management. But in a relocation with a local team and an Israeli team. We have professional Israeli managers who have relocated. ”
According to Wiesel, “Today we are ready to go to more countries in the world. Even if we take these risks small risks. I believe that Fox, which today is an Israeli group with 19 brands, can make a difference in the global market.”
Fox Group’s upcoming expansion abroad will be with Spanish fashion brand Mango and trade site Terminal X. Last week, Fox announced that it had received a concession from Spanish company Punto to open Mango stores in Canada for a decade. During 2022-2023, Fox will open six stores in Toronto. Mango has an average size of 500 square meters, and at the same time its contract for the brand in Israel was extended until 2031. Now Wiesel said about the deal that “this is a deal from which the chances of losing are low because we receive investments from malls to build stores, with good conditions from Global Mango. To the Canadian market. ”
The Fox Group currently operates with the Nike brand in Canada and Europe, with Potlocker in Europe, with Lalin in Canada and Japan, and is currently developing Nike and Potlocker in other Eastern European countries. Retailers, a subsidiary of the group’s sports division, has been licensed to operate Nike stores in Canada and 14 European countries and has a partnership with Potlocker to operate Potlocker stores in six European countries.
Fox recently opened a Nike store in the 2,500-square-foot York Mall in Toronto that employs 150 people. “It’s a piece of global success story,” says Wiesel. The mall will invest most of the money in the construction. “The Shilev baby product chain, which Fox acquired half of in 2018 at a value of NIS 76 million, also seeks to take Wiesel abroad, but only after establishing a concept of the new stores in Israel. “We’re not testing it right now, but maybe in two years,” Wiesel said. “There is no such concept in the world.”
Last July, the group announced that its goals include duplicating Terminal X’s operating model for major cities in different countries and entering another city each year starting in 2022. In June 2021, the company’s board of directors approved the start of preparations for operations in Greece, with an estimated investment of NIS 30 million. Entry into Greece is expected in 2022.
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