Luxury Nightwear Manufacturer Expands Company’s Leadership
Position in Sleepwear and Intimate Apparel
Targets Growth Opportunity in Upscale International Department
Stores and Specialty Retailers
TEL AVIV--(BUSINESS WIRE)--Delta Galil Industries, Ltd. (DELT/Tel Aviv Stock Exchange,
DELTY.PK/OTCQX), the global manufacturer and marketer of branded and
private label apparel products for men, women and children, as well as
leisurewear and activewear, today announced that it has agreed to
acquire the P.J. Salvage brand and other assets of California-based
Loomworks Apparel, Inc. ("Loomworks"), a leading sleepwear, loungewear
and intimates manufacturer and distributor with an international
following.
“The acquisition of this
respected brand is a further step in the growth of our branded business,
and we plan to build on this opportunity to expand P.J. Salvage in upper
end retailers in the U.S. and globally.”
P.J. Salvage is widely known for chic style and luxury fabrics, and
pioneered the crossover of bedroom fashion into loungewear and everyday
wear. The brand’s meticulous attention to detail, superior quality, rich
fabrics and flattering fit have made P.J. Salvage a favorite among
celebrities and the fashion-minded. Its “California cool” sensibility is
featured in leading high-end department store chains and specialty
boutiques.
In addition to the P.J. Salvage brand, Delta will acquire all of
Loomworks’ operations, including its brand names and trademarks,
intangibles, working capital and certain liabilities. The purchased
business will become part of U.S. subsidiary Delta Galil USA, in a deal
that is expected to close by the end of July 2015 and to be accretive to
Delta’s earnings.
“P.J. Salvage is one of the leading brands of fashionable pajamas,
loungewear and intimates, with a style that transitions easily from
nightwear to everyday wear, and is popular in key markets around the
world,” said Isaac Dabah, CEO of Delta Galil. “The acquisition of this
respected brand is a further step in the growth of our branded business,
and we plan to build on this opportunity to expand P.J. Salvage in upper
end retailers in the U.S. and globally.”
About Delta Galil Industries
Delta Galil Industries is a global manufacturer and marketer of branded
and private label apparel products for men, women and children. Since
its inception in 1975, the Company 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;
activewear, sleepwear and leisurewear. For more information, visit www.deltagalil.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements. Actual
results, performance or achievements could differ materially from those
contemplated, expressed or implied by the forward-looking statements
contained herein, and while expected, there is no guarantee that we will
attain the aforementioned anticipated developmental milestones. These
forward-looking statements are based largely on the expectations of the
Company and are subject to a number of risks and uncertainties. These
include, but are not limited to, risks and uncertainties associated
with: the impact of economic, competitive and other factors affecting
the Company and its operations, markets, product, and distributor
performance, the impact on the national and local economies resulting
from terrorist actions, and U.S. actions subsequently; and other factors
detailed in reports filed by the Company.
Contacts
Nissim Douek, +972-54-5201178
Nissim@unik.co.il
or
U.S.
Media Contact:
Berns Communications Group
Stacy Berns/Melissa
Jaffin
+1-212-994-4660
sberns@bcg-pr.com