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Africa-Israel buys Zara Israel franchise for NIS 57m.
(From Israel Business Arena)
Byline: Merav Ankori
Africa-Israel Investments announced today that it has signed an agreement to acquire, via the Generique group, the Zara fashion franchise in Israel for NIS 57 million. Africa-Israel Investments CEO Pinchas Cohen said that his group was happy to have carried the deal through, as it was synergistic with its investments in the textile and fashion sectors, and represented another development in the group's fashion activities. Zara is owned by Spain's Inditex group. The acquisition includes other Inditex group brand names including Pull and Bear, and Bershka, which is due to open stores in Israel. The chairman of Zara Israel will be Joey Schwebel, the CEO and chairman of bathing suit companies Christian Canada and Gottex. The deal was done via the Generique group, owned in equal parts by the Africa Israel group and its Canadian partners Schwebel and Dan Elituv. Zara Israel has an annual ...
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