On Thursday, the FOX company announced that it has signed three 10-year franchise deals with the Urban group. According to the deals, Urban Outfitters stores will open across Israel.

Photo Credit: Reuters/Channel 2 News

The FOX company announced Thursday that it has signed three franchise agreements with the Urban group. According to the 10-year deals, Anthropologie, Urban Outfitters and Free People stores will soon open in Israel. In addition, the three brands will be sold in FOX’s virtual shopping mall, which is currently under construction.

FOX is planning to create a subsidiary that will operate the three brands in Israel. The stores offer clothes, accessories and home design items that are sold all over America and Europe. The estimated cost of the agreement in the first four years is about 40 million NIS.

Urban was founded in 1970 and operates more than 500 stores and 1,400 sales points around the world. In 2016, the total revenue of the company stood at $3.5 billion and the operating profit margin totaled 11% of sales. The company is headquartered in Philadelphia.