Online intimates brand Bare Necessities is to be acquired by global clothing manufacturer Delta Galil Industries.
The transaction is expected to close in the next few weeks and be accretive to earnings next year, Delta Galil said in a statement.
Established in 1998, Bare Necessities currently offers over 160 brands and 6,400 styles in intimates, women’s swimwear, shapewear, lingerie, sleepwear, and hosiery. The New York-headquartered company was acquired by US retail giant Walmart in 2018.
“This transaction reflects our strategic growth objective to diversify our distribution channels. As the digital space currently represents the fastest growing segment in our industry, we are very pleased to acquire such an authority in online intimates,” Delta Galil CEO Isaac Dabah said in a statement.
“Bare Necessities can significantly enhance Delta Galil’s presence in the digital world, as we continue to pursue growth online. I look forward to partnering with the senior leadership of Bare Necessities to achieve strong, profitable growth.”
Photo credit: Bare Necessities, Facebook