Billionaire Teddy Sagi has struck a deal to acquire Israeli make-up brand Wow Cosmetics for US$15.7 million via his London-based Fiver firm, according to a report published by Globes.
The deal will allow the brand to launch an e-commerce site as well as expand its global footprint, according to a report published by Calcalistech, quoting recently appointed Fiver CEO Shay Tangi.
“We are always looking for interesting brands that can enhance our electronic commerce experience. We found Wow to be one of the interesting chains operating in Israel. The chain has excellent products, and has gained popularity among Israeli consumers because of its excellent value prices. It is our intention of course to enhance and strengthen the chain in Israel, as well as in addition we plan to bring the benefits of Wow to other countries. In the first stage, we will do this with our e-commerce operations, so that we will market Wow online in European countries,” Tangi told Globes.