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Announced that its subsidiary, Retailers, which operates the Foot Locker brands and Nike’s retail operations in Israel and Canada, has entered into an agreement with “Pot Locker Europe” to establish a joint company that will operate the Foot Locker brand stores and online operations in several European countries.
51% of the new company, which will be registered in the Netherlands, will be held by Pot Locker Europe and the rest by Retailers. The new company will operate the Pot Locker brand in Poland, Hungary, Slovakia, Romania, Ukraine and Croatia. In addition, Pot Locker will transfer to the joint venture a company in Poland and another company in Hungary, which includes 7 Pot Locker stores in these countries.
The companies are targeting the digital activity and the joint venture “will be entitled after 12 months from opening or purchasing a store in a nationwide state, to set up a dedicated site for that state for online sales or to operate an existing online Pot Locker site in that state,” the Fox Group said in a statement.
The term of the agreement is for 10 years, with an extension option headed by Pot Locker, which will control the joint company. The agreement stipulates that Retailers and Pot Locker will jointly invest a total of up to $ 20 million in the joint venture, according to their relative share in the holdings. Fox estimates that the cost of the investment will amount to NIS 35 million.
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