Israeli color brand Wow Cosmetics has been acquired for US$15.7 million via London-based firm Fiver, the Teddy Sagi Group’s retail and e-commerce division.
WHO: WOW Cosmetics was founded in 2005 with the goal of introducing quality cosmetics products at competitive prices to the Israeli market. The retailer currently has 67 locations and employs some 500 people.
Billionaire Teddy Sagi has taken three companies public on London’s AIM. His other investments include co-working spaces and technology start-ups and now beauty.
WHY: The deal will allow the brand to launch an e-commerce site as well as expand its global footprint.
IN THEIR OWN WORDS: “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,” said recently appointed Fiver CEO Shay Tangi.
- Israeli-born billionaire Teddy Sagi acquired Wow Cosmetics via his London-based firm Fiver.
- The acquisition is estimated at roughly NIS 55 million (approximately $15.65 million), according to Calcalist.
Photo: via Wow Cosmetics