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A look from Tommy Hilfiger. Tommy Hilfiger at Delta Galil. Tommy Hilfiger at D2. Nearly Nude at D2.
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current news

Delta Galil Buys Schiesser

(Filed Under Financial and General Interest News). Delta Galil Industries, Ltd. has signed a “definitive agreement” to acquire Schiesser AG, the leading underwear manufacturer and marketer in Germany, for a purchase price of €68 million (approximately $90 million).

According to a company spokesperson, “the deal will expand Delta Galil’s global market reach and its leadership in intimate apparel, particularly in branded products. With the addition of Schiesser, Delta Galil will have total sales of approximately $900

million and its branded business will grow to about 47% of sales from some 33% at present. The transaction is expected to be accretive to Delta Galil’s earnings per share beginning in 2012.”

In addition to the Schiesser brands, Delta Galil will receive at closing estimated working capital of approximately €40 million (approximately $53 million), and Schiesser’s cash on hand at closing is estimated at

about €11 million (approximately $14.6 million). Delta Galil is financing the transaction with internally generated resources including cash and equivalents. The Delta spokesperson claimed that “Schiesser has the #1 brand awareness in the underwear category in Germany, and holds the top market share in the men’s segment and solid shares in the women’s and children’s segments. The company has been known for quality products since 1875 and had sales of 132 million euros (approximately $184 million) in 2011. By category,

Schiesser’s sales consist of approximately 60% men’s, 25% women’s and 15% children’s. Its products are primarily sold under the Schiesser brand, as well as Schiesser- Uncover, a youth-oriented line, and

Schiesser-Revival, a trendy retro collection. Retail channels include department stores, specialty stores, and increasingly companyowned retail stores. In addition to Germany, which remains the strongest economy in Europe, key markets for Schiesser brands

include Belgium, Netherlands, Switzerland, Austria and Italy, and the company has targeted Russia and Eastern Europe for potential expansion. Its Schiesser-Revival

brand is sold in some high fashion specialty

retailers in selected US markets.” “Some 75% of Schiesser’s sales are in Germany. In addition to its own retail and outlet stores, Schiesser sells to all major German department stores and about 5,000 specialty stores in Germany and other European markets. Wholesale business accounts for approximately 70% of Schiesser’s total sales, with retail at 30%.”

Isaac Dabah, CEO of Delta Galil Industries, declared at the time of the announcement, “This is an important transaction that will allow us to make solid progress against many of our strategic goals and will drive further shareholder value. It enables us to grow the branded side of Delta Galil’s business by adding the top underwear brand in Germany, with a reputation for

quality established over 137 years. The combination

with Schiesser also expands our global reach with a solid position in Germany – the most vibrant market

in Europe – and a base for expansion in other potentially lucrative markets. Following the acquisition, about 40% of our sales will come from Europe, up from 24% now, and the potential for future

growth is exciting. Our men’s category will grow to 23% of our sales from roughly 13%.

The acquired business is also well diversified

across various retail segments and

Schiesser’s own stores.”

“The financial benefits to Delta Galil are also very significant,” Dabah continued. “Schiesser’s core business has been consistently profitable and the combination will be accretive to Delta Galil’s earnings. Schiesser has an efficient supply chain

structure and an extremely loyal and stable customer base. Schiesser’s brand portfolio and operations are a perfect fit with the business model that we have applied successfully in Israel, and we are excited about extending this model to a much larger European market. We see many opportunities to expand Schiesser through product innovation, enhanced distribution and

logistics, and development of retail stores and e-commerce activities.”

According to the Delta announcement,

“Schiesser, a privately-held company headquartered

in Radolfzell, Germany, will operate

as a separate, wholly owned business unit

of Delta Galil under its existing management


Rudolf Bündgen, CEO of Schiesser AG, said of the transaction, “Since we operate in the same industry, Delta Galil is well known to us. We have a similar product and quality philosophy. With Delta Galil, we gain a worldwide operating owner, with whom we can enter new foreign markets more consistently and who will further support us in our marketing and distribution strategy. Likewise, Delta Galil has a lot of experience in intimate apparel, activewear and shapewear, as well as socks. Under the Schiesser brand, we can envision additional product categories.”

The transaction is expected to be concluded in July 2012.

Delta Galil Industries produces a range of branded and private label apparel products for men, women and children, with a particular emphasis in intimate apparel. Since its inception in 1975, Delta “has continually strived to create products that follow a

body-before-fabric philosophy, placing equal emphasis on comfort, aesthetics and quality. Delta Galil develops innovative seamless apparel including bras, shapewear and socks; intimate apparel for women; extensive lines of underwear for men; babywear, activewear, sleepwear, and leisurewear.

more Financial and General Interest News >>

Published 05-09-2012 by -

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