European Lingerie Group AB (ELG) announces the acquisition of Dessus-Dessous S.A.S, the largest online retailer of lingerie and swimwear in France.
Dessus-Dessous, headquartered in Lunel, France, specializes in online sales of luxury lingerie brands including Lise Charmel, Van De Velde, Simone Pérèle, Felina, Conturelle and others. The company has been leading the French online lingerie market since 2000, and enjoys extraordinary rates of customer satisfaction and loyalty, thanks to superb customer service, reliable delivery and a constantly up-to-date selection of over 150,000 articles from over 50 brands.
Dessus-Dessous sales amounted to 7.3 million euros in 2017 and the company employs 31 people.
The acquisition, which was completed on June 14, 2018, marks ELG’s expansion to the online retail segment of the lingerie market, and reinforces the Group’s strategic commitment to building a truly vertically integrated business.
Peter Partma, CEO of ELG: “We are happy to welcome the very efficient team at Dessus-Dessous as the newest addition to our French and international operations. It is impossible to underestimate the importance of e-commerce in modern lingerie business, and we have a lot to learn from our new colleagues. I congratulate Ms Stessels for the long-time work of building Dessus-Dessous into a successful and sustainable business.”
According to Baiba Birzniece, Head of Strategy and M&A of ELG, the acquisition is of great long-term strategic value to the Group. “There is no doubt that online sales are the future of retail, and this addition is certainly very important to our vertically integrated model. Dessus-Dessous’s business is a unique window on consumer trends and preferences, which in turn will help to create greater efficiencies in the Group.”
Christine Stessels, the founder of Dessus-Dessous: “I care deeply about the company which my team and I have built over the past three decades, and I am happy to have found a strong and motivated new owner in ELG. I wish ELG great success in taking Dessus-Dessous’s business to the next level.”
Ms Stessels will remain on Dessus-Dessous’s management team until 30 November 2018 to ensure a smooth transition.
The parties have agreed that to keep the size of the deal confidential. The transaction is financed with the proceeds of the bond issue of ELG AB completed on 26 February 2018.
Anton Sigal, Partner of the law firm Ellex Raidla (Estonia), and Dominique Dumas, Partner of the law firm Courtois Lebel (France) advised the Buyer.
The legal due diligence have been carried out by a team of Courtois Lebel (Partners: Dominique Dumas, Bruno Martin, Cédric Frenel; Associates: Suzana Joaquim-Maudslay, Ghislain Grotti, Thibaud le Conte des Floris).