Estonia, EU – Baltic States, Internet, Latvia, Markets and Companies, Mergers and take-overs, Technology

"Expansion to the international online lingerie market is a strategic step for us and part of a long-term plan to establish a fashion group, in which design, manufacturing, brands, marketing as well as online are all together. This is quite unique in this business," Indrek Rahumaa, owner of ELG, said in a press release.

The parties have agreed to keep the size of the deal confidential. ELG funded the purchase of Dessus-Dessous with assets collected from a 40 million euro bond issue organized in Sweden in February.

The sales of Dessus-Dessous amounted to 7.3 million euros in 2017, of which 70 percent came from France and 30 percent from elsewhere in the world. In addition to France, the company's main markets are the United States, Belgium, the United Kingdom, Germany, Switzerland, Russia, Denmark, Australia and the Netherlands. The company employs 31 people.

Dessus-Dessous, headquartered in Lunel, France, specializes in online sales of luxury lingerie brands including Lise Charmel, Van De Velde, Simone Perele, Felina, Conturelle and others. The store's database has 214,000 customers.

European Lingerie Group under the name Lauma Fabrics manufactures textiles and lace for all larger lingerie brands and designs, produces and sells German premium lingerie brands Conturelle and Felina.

ELG's revenue in 2017 totaled approximately 72 million euros, of which 34 million euros was generated by Lauma Fabrics and about 38 million euros by Felina International. The group employs 1,250 people across Europe, ELG has factories in Latvia, Hungary and Germany.