Delta Galil buys Schiesser

The German underwear company Schiesser will not go public. Instead it will be acquired by Delta Galil from Israel.

Schiesser went into Chapter 11 a while ago and an IPO had been eyed for months. The purchase by Delta Galil is supposed to pay all creditors in full now.

Delta Galil manufactures underwear under its own label and for other brand owners. It also holds a license for Lucky Brand.

Schiesser used to be the dominant underwear brand in Germany. It then signed a couple of brand licenses, but failed in IT, organization and logistics.