US: Jones Group and Delta Galil end jeanswear talks
Talks to sell The Jones Group Inc's jeanswear division to Israel-based apparel and lingerie maker Delta Galil have broken down, the two companies said today (9 January), after they failed to reach "mutually acceptable terms" for the deal.
Apparel and footwear company Jones Group says it intends to remain ownership and continue normal operations of the division. Meanwhile, Delta Galil says it is actively pursuing other growth opportunities, both organically and through selected acquisitions.
Negotiations between the two companies were first revealed in October, with
the US$350-400m deal set to include the Energie, l.e.i., and Gloria Vanderbilt brands. At the time, Jones Group said it would use the proceeds to fund share repurchases.
Jones Group, which also owns the Nine West and Anne Klein, Jones New York, Kurt Geiger and Rachel Roy, recorded a surge in third-quarter earnings at the end of October as net profit rose 41% to $41.2m.
Israel-based lingerie manufacturer Delta Galil reported a jump in first-quarter net income as the company recorded rising sales combined with lower expenses and favourable currency exchange rates....
German lingerie group Schiesser AG has cancelled its IPO after being acquired by Israel-based intimate and seamless apparel maker Delta Galil in a deal worth EUR68m (US$90m)....
Designer Karen Neuburger is to make a return to her namesake sleepwear brand after three years, as part of a deal with apparel maker Delta Galil Industries Ltd, which owns the line....
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