BasicNet Announces Acquisition of Woolrich for €40 Million EUR

Summary:

• BasicNet has announced the acquisition of Woolrich’s European operations and brand rights for €40 million as part of a €90 million enterprise value deal.
• The acquisition adds the historic American outerwear brand to BasicNet’s portfolio, which already includes Kappa, Superga, K-Way, Sebago, Robe di Kappa and Briko.
• BasicNet and Woolrich leadership say the deal will strengthen Woolrich’s heritage, identity and global presence despite challenging economic conditions.

This week, Turin-based BasicNet group announced it has reached an agreement to acquire Woolrich, the historic American brand founded in 1830. The Italian firm is acquiring Woolrich from L-Gam, an investment fund established in 2013 with the support of the Royal Family of Liechtenstein and families from Europe, Asia and the United States.

BasicNet is already the owner of the Kappa, Robe di Kappa, K-Way, Superga, Sebago and Briko brands. Therefore Woolrich is a natural fit for Basic nets’ tried and tested business model that specializes in launching heritage brands in European and global markets through industrial expertise and brand building capabilities.

Woolrich is a brand with almost 175 years of rich history. It was founded in 1830 by John Rich in Pennsylvania, and is one of the oldest American producers of wool fabrics and outdoor clothing. In 1850 the brand introduced the now instantly recognisable red-and-black Buffalo Check pattern, as well as the famous Arctic Parka in 1940.

According to the press release, “The transaction involves the acquisition, through a wholly owned BasicNet subsidiary, of the rights to the Woolrich® brand for Europe and 100% of Woolrich Europe S.p.A., the company managing its distribution and retail activities, whose revenues for fiscal year 2025 are expected to be around €90 million, for a total Enterprise Value of €90 million. Part of the consideration, amounting to €40 million, will be paid for €12 million through the transfer of 1,200,000 BasicNet ordinary shares at a value of €10 each.”

Speaking on the acquisition, Lorenzo Boglione and Alessandro Boglione, CEOs of BasicNet, commented that “Woolrich is an extraordinary brand, with a history and identity that make it unique in the international outerwear landscape. It represents exactly the kind of cultural and authentic heritage we aim to preserve, enhance and relaunch. The acquisition comes in a complex economic context, but we are convinced that the strength of our model and the experience of our team will allow us to return the brand to growth.”

Lorenzo Flamini, CEO of Woolrich, adds: “This operation marks a new phase in the history of Woolrich, aimed at strengthening the brand’s identity and expanding its international presence, while enhancing nearly 200 years of history and reinterpreting the brand’s iconic and distinctive elements in a contemporary way.”