Abstract: The floatation garment, in particular a lifejacket or an immersion suit, comprises at least one elastic layer (1) shaped to fit at least around the torso of a wearer and to stretch to an extent between a minimum and a maximum depending on the size of the wearer. To provide thermal insulation, it moreover comprises a plurality of thermally insulating panels (23-28), in particularly foam panels, which are attached with respect to the elastic layer (1) and/or with respect to one another such that they slidably overlap one another. In this way, the garment fits to persons of different size and keeps its thermal insulation notwithstanding the fact that the thermally insulating foam panels are not or not sufficiently elastic.