(Filed Under wholesale Lingerie News). In an uncredited interview dated January 16, 2014 with chairman Isaac Dabah, appearing on the Delta Galil website (http://deltagalil.com/top-50-ceos-israel-calcalist/), there is a brief note stating that “he recently purchased the Israeli underwear brand ‘Fix’ for approx. $2 million dollars (7.5 Million NIS).”
In the article, a portion of which also appears on examiner.com under the byline of John Smith and dated January 22nd, Dabah is quoted as saying that for a presentation to his board at the end of 2013 “I wrote down what I think were our failures this year, and I put down: Zero acquisitions. That’s a mistake. I should have paid more and bought something. We are constantly looking into things. We don’t like taking risks, but maybe I should have taken a bit of a risk to dramatically change the company.”
Apparently the Fix purchase is his first step to change things in 2014.
The version of the article on the Delta Galil website describes two “almost-acquisitions” the firm attempted. “The most prominent one is the jeans division of the American brand ‘Jones’, for an approximate $400 million dollars, that would have bumped ‘Delta’ up a few leagues and taken Dabah back to owning the brand that built his fortune, ‘Gloria Vanderbilt.’ He also failed to acquire the Italian underwear brand ‘La Perla’ for an estimated 50 million Euros.”
Dabah says of the failure with Jones, “We were too conservative. It was a pretty big deal for us to make, we made a good offer, but I wanted an even better price. There was a 20-30 million dollar difference. When I look back at that miss I can be smart enough to say it’s a shame we didn’t make the purchase. Had we gotten that ‘Jones’ division, ‘Delta’ would have been a completely different company today.”
In the end, the entirety of the Jones Group agreed to be bought by Sycamore Partners for $1.2 billion in a deal expected to close in the second quarter of 2014.
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