WeShoes Owner Reportedly Signs New Shoresh Deal, Subject to Competition Approval

Tamuz Trade Group, the owner of Israeli footwear chain WeShoes, has reportedly signed a renewed agreement to acquire sandal manufacturer Shoresh for tens of millions of shekels. The agreement was disclosed on November 2 and has been submitted to the Israel Competition Authority for approval. The acquisition has not been cleared. The group imports Blundstone and Crocs and holds Kolnoa Hadash and WeShoes. WeShoes, owned by Amos Horowitz, operates 120 stores across Israel and an online shop. Shoresh manufactures sandals in Tirat Carmel, maintains a store in Migdal HaEmek and sells through Israeli retailers. The renewed agreement reportedly includes provisions intended to address obstacles to regulatory approval, but their details have not been disclosed. The earlier transaction sought a 50% stake in Shoresh. The Competition Authority's 2023 annual report records that Shoresh withdrew that merger application in April 2023 after the authority presented competition concerns. The report warned of "the loss of a competitor in the hiking-sandal market." It also described concerns that the combination would weaken retail competition for Shoresh products and permit higher consumer prices. The renewed agreement returns the proposed combination to regulatory review more than three years after the earlier application was withdrawn. The report does not specify the stake covered by the new transaction. Competition Authority approval remains the next required step; no decision date has been announced.