Elbit and Mango are negotiating with Fox-Wisel Ltd for the purchase of the retail operations

Elbit and Mango are negotiating with Fox-Wisel Ltd for the purchase of the retail operations

Elbit Fashion Ltd, the Israeli franchisee for the Mango brand, has commenced talks for the sale of the retail chain's stores in Israel.

Elbit and Mango are negotiating with Fox-Wisel Ltd for the purchase of the retail operations, they said in a joint statement.

Fox Wizel designs, manufactures and markets fabrics and fashion accessories through its chain of retail stores and wholesalers in Israel.

The consideration expected under the transaction is estimated at around NIS28m (US$7.35m), in addition to the price of Elbit Fashion's inventory that will be transferred to Fox-Wisel. Negotiations are expected to be completed by the end of November.