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Fashion outlet Fox-Wiesel has agreed to buy 50 percent of Billy Haus, the distributor of Billabong and Reef clothing in Israel, for NIS 19.5 million, the company said Sunday. Following the deal, Fox said it intends to open Billabong and Reef stores, catering for the beach wear market, in major centers in the country.
Billabong sales in Israel grew from NIS 9 million in 2004 to NIS 14.4m. last year, Fox revealed, as net income increased from NIS 2.8m. to NIS 4.9m. Profits were NIS 3.3m. for the first five months of the year.