Home / Knowledge / News / Apparel/Garments / Gottex buys GAP franchisee from Elbit Imaging

Gottex buys GAP franchisee from Elbit Imaging

11
Jan '12
Elbit Imaging Ltd announced that the Company and its subsidiary Elbit Trade & Retail Ltd. ("Elbit Trade") entered into an agreement with Gottex Models Ltd. ("Gottex"), for the sale of all its shares in Elbit Trade and all their interests in GB Brands, Limited Partnership ("GB Brands"), which is the franchisee of the Gap brand in Israel.

The purchase price to be paid by Gottex under the agreement is NIS 26 million, plus the agreed value of the Gap inventory as of the closing date, which is estimated to approximately NIS 14 million as of the date hereof, reflecting a total consideration of NIS 40 million. The said consideration is subject to adjustments based on the agreed value of the working capital attributed to the Gap activity as of the closing date.

The transaction is expected to close in February 2012, and is subject to approval of the Israeli Antitrust Authority as well as the satisfaction of certain other closing conditions.

The Company will continue to hold and manage its retail activities in Israel with respect to the MANGO-MNGTM brand. The MANGO brand is spread throughout Israel with 25 MANGO stores, which have experienced a significant improvement in their financial results in the past few months.

Elbit Imaging Ltd


Must ReadView All

Pic: Shutterstock

Textiles | On 18th Feb 2020

Turkey, Pak want to raise bilateral trade volume to $5 bn

Turkey and Pakistan want to raise bilateral commercial and economic...

Pic: Shutterstock

Apparel/Garments | On 18th Feb 2020

Bangladesh RMG exporters expect order shift from Cambodia

Bangladesh's readymade garment (RMG) exporters feel the suspension of ...

Pic: Shutterstock

Apparel/Garments | On 18th Feb 2020

GMAC dissatisfied with EU following partial EBA suspension

Expressing disappointment over the February 12 decision by the...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

African fashion has a strong identity

Vasanth Kumar, Max Fashion India

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Hannah Lane, Redress

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Paolo Crespi,

Paolo Crespi

Japan's Epson, a leader in digital textile printing, Italy's For.Tex, a...

Harsh Shah,

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Brad Holschuh, Wearable Technology Lab, University of Minnesota

Brad Holschuh
Wearable Technology Lab, University of Minnesota

A new study led by researchers at the University of Minnesota's Design of...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search