Delta Galil Industries Ltd. completed the acquisition of Eminence SAS and the company’s subsidiaries, which includes leading French underwear brands for men, women and children: Eminence and Athena and the Italian brand Liabel.
Delta Galil expects the deal to be accretive to its 2019 earnings per share by approximately 40 to 45 cents.
In 2017, Eminence Group’s net sales totaled approximately €99.0 million, with most of the products designated for men (87 percent) and the remainder for women (8 percent) and kids and babies (5 percent). Most of the group’s sales are to the French market (approximately 79 percent of all sales) and the remainder are in Western Europe–mainly in Italy (17 percent) and in Belgium (3 percent)–under leading underwear brands in France (Eminence in the upper market and Athena in the mass market) and an Italian underwear brand (Liabel).
On an annual basis, the transaction will increase the share of Delta Galil sales of men’s products from 24 percent to 29 percent. Sales in Europe will increase from 29 percent to 34 percent of Delta Galil total revenues.
Eminence brings to Delta Galil a men’s premium French brand, which has the second-largest men’s underwear market share in France, with products ranging from undergarments to polo and technical shirts to Eminence Tech+. Athena adds a sporty and athletic, family mass market French undergarment brand. In addition to the French brands, the transaction includes Liabel, an Italian brand, founded in 1851.
