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Jerusalem (RFS) — Africa Israel will
use its newly acquired controlling
share in Gottex to springboard into
other fashion accessory markets, a
company spokeswoman said.
Africa Israel announced that it
bought an 80 percent stake in the
beleaguered beachware company for
an undisclosed sum. Leah Gottlieb,
co-founder of Gottex, which propelled
Israel onto the international fashion
scene before falling $35 million in the
red, will keep the remaining 20 per-
cent and stay on as chief designer.
Several businesspeople, including
Solomon Lew, CEO of Coles-Myers,
one of Australia's largest department-
store conglomerates, has expressed
interest in Gottex.
Gottlieb, who founded Gottex with
her late husband Armin Gottlieb, had
to put up her home as collateral for a
$3 million loan to keep the company
operating.
She had faced a court-mandated
end-of-year deadline to sell a control-
ling interest in Gottex.
Africa Israel, a leading investment
company, is active in land develop-
ment, real estate, construction, hotels,
tourism and insurance.

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Jerusalem (JPFS) — GE Information
Services, a subsidiary of General
Electric, and Discount Investment
Corporation, a subsidiary of the IDB
Holding Group, announced the estab-
lishment of an electronic commerce
joint venture.
The new company, Tradanet
Electronic Commerce Services, will
provide the local market with elec-
tronic commerce technologies and ser-
vices, which allow companies to con-
duct business-to-business transactions
electronically via the Internet.
Several months ago, DIC and
London's Mondex announced plans to
begin distributing electronic smart
cards in early 1998.

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