BasicNet’s Alessandro Boglione on Woolrich Deal, Long-Term Vision and Brand Building

BasicNet is once again defying market inertia. In a context marked by caution in the sector, the Italian group surprised this week with the announcement of the acquisition of Woolrich, one of the oldest brands in the US outdoor sector, in a deal valued at €90 million that consolidates its ambition to build a robust portfolio around heritage and iconicity. The purchase, which includes the brand rights for Europe and 100% of Woolrich Europe, comes at a key moment for the hólding, piloted from 2022 by brothers Alessandro and Lorenzo Boglione as co-CEOs, and which closed 2024 with consolidated revenues of €409.2 million, up 3.1%. In conversation with Modaes, Alessandro Boglione places the operation in an underlying strategy: a European market that works as a single block, brands whose value lies in their authenticity and a model that prioritizes patient construction over immediate return. Woolrich fits into this map and enhances the company’s premium positioning.

Question: How do you assess the current state of the fashion industry?

Answer: It’s difficult. But in our case, the brands are in good health, they work well and the company is in the right place at the right time. The positioning of our brands, the quality-price ratio, was already right before, but it is even more so today, precisely because the market is in crisis. Also because the first to enter the crisis have been the luxury players and, as a consequence, the consumer pays even more attention to what he buys. Price is key, but so is the content of the product. I believe that the authenticity and history of our brands can be an added value in the future, especially in today’s complex market.

Q.: What does the Woolrich acquisition mean for the conglomerate and how do you plan to integrate the business and its operations?

A.: For us it is a dream come true. Owning one of the most historic brands in the market and with one of the most impressive archives is a great opportunity that makes us very happy. The BasicNet business model will continue to be the order of the day in all European markets, where we are working on our direct distribution. The European market is increasingly a single market. There, we will control the Woolrich business and collaborate with China’s Baoxiniao, which oversees other markets. We will implement a joint strategy.

Q.: Will there be an overlap between Woolrich’s core markets or offerings and those of the company’s other brands?

A.: There will be no duplication. Sebago is another U.S. brand, but specialized in footwear, so we are looking more at the possibility of synergies. It will be an opportunity to work with and approach similar wholesale, retail and consumer accounts. We will accumulate the knowledge of managing brands in a similar space, rather. Of course, we will work closely with Baoxiniao to establish a clear strategy that will take Woolrich a step further in the global market.

“We are not doing anything extraordinary because of the difficult market, we are moving forward with a sure step.“

Q.: What is the roadmap?

A.: We don’t have a concrete plan, but we are relying on feelings and deep conviction in our business model, our system and our team. We are confident that we have the ability to relaunch the brand and grow the business, but we need some time to deepen our understanding of Woolrich. We are clear that we want to build a great brand, create a better spring-summer offering and reduce the seasonality of its business.

Q.: What fruits do you expect from this investment and how soon do you expect to see results?

A.: We are not financial investors. We are not looking for a direct return on investment like financial players, we have long-term objectives with Woolrich. We are looking at a horizon of five to seven years, which will be an extremely strategic period for the group. We are convinced that the results will be excellent.

Q.: Regarding the brand portfolio, after the partial sale of K-Way and the purchase of Woolrich. Is the current portfolio the definitive one or are you open to investment and expansion?

A.: We want to grow and add brands to the portfolio. In the short term? We would like to, but it depends on market conditions. When we sold a part of K-Way, we did it to take advantage of a good deal and left all the money inside the company to be able to make strategic investments in new brands.

Artic Parka, with which Woolrich dressed the workers who worked on the construction of oil pipelines in Alaska starting in the 1970s.

Q.: In this complicated situation, have you had to make any specific adjustments or strategic review beyond the Woolrich acquisition?

A.: No. We are continuing along the same lines. The market is complicated, but it could be the right time for us and for brands like ours. They are neither low cost nor luxury: they are in a premium segment, with very good value for money and a strong history behind their iconic products. We are not doing anything extraordinary because of the difficult market, we are moving forward with a sure step.

“With Woolrich we want to build a great brand, create a better spring-summer offering and reduce the seasonality of its business.“

Q.: How is production currently distributed according to brands?

A.: It depends on each brand. We produce in Central America, in Europe, in Southeast Asia and also in South America. We make everything. Superga, Sebago or Kappa sneakers are very different products: some are made in China, others in the Dominican Republic or Mexico, others in Vietnam. In terms of manufacturing, a Sebago jacket, a K-Way jacket or a Kappa jacket have very different prices and production structures, so we work all over the world and also quite a lot in Europe, in Portugal, in Bulgaria and also in Italy. Where there is a specialization for a certain product, we try to produce there.

Q.: In the European markets, which are the main countries and with which brands in terms of sales?

A.: For Sebago, the main market is Italy, and then Spain, France and Germany do very well. K-Way is still small in Spain, but in Italy, France and Benelux (Belgium, Luxembourg and the Netherlands) it is doing very well; in Spain and the UK we are starting to open mono-brand stores. And Kappa is strong throughout Europe, especially in Germany and Poland.

Q.: How does the group balance operations in the online and physical channel, taking into account the firm commitment to retail?

A.: We have always managed it in a balanced way. It’s never all black and white. Ecommerce grew a lot and during Covid-19 it grew too much, in an unsustainable way. Retail is always the heart of our business. So we boost retail first, and then ecommerce coherent with retail, with the key accounts, with the corners, with everything that explains the brand. Our business is physical. We can grow and we want to invest in digital as well, but the brand building is physical. In any case, as we are brand owners, whether the development is physical or digital does not matter: the important thing is to reach the right consumer.

During the Civil War, Woolrich produced blankets and uniforms for the U.S. Army.

Q.: In France, K-Way has been upgrading its mainstream brand positioning to a more design-oriented approach. Is the group’s goal to raise the positioning of other brands as well?

A.: Yes, of course. With Sebago we are doing that. But we don’t want to elevate the brand as a theoretical exercise, but to work well on the product, communication and retail. If you do that, the brand elevates itself. We revalue our iconic products, as we have done with K-Way, as we are doing with Sebago and as we did in the past with Superga. Now is not a good time for Superga, but we keep working: when the canvas sneaker craze comes back, we will be ready.

“We don’t want to elevate the brand as a theoretical exercise, but to work well on product, communication and retail.“

Q.: Does having a diverse and balanced catalog put the polder in a strategic position of strength?

A.: Yes. We are fortunate to have many brands. If one doesn’t move forward, we can move forward with others. So we are not forced to make mistakes. If a brand doesn’t grow, it doesn’t grow, but the company must grow. Having several brands makes management easier. A company with only one brand that stops growing has a very big problem. And also, when you depend on a single brand, you make the wrong decisions because you try to save turnover and end up compromising the future. On the other hand, the brand must always be ahead of everything else.

Q.: How is the group dealing with the generational transition under a co-management organization?

A.: My brother and I are co-CEOs. We manage the company together. We have areas of expertise that are more his and others that are more mine, but the truth is that we share all the strategic decisions. No decision is made alone. I think that is our strength. We never move forward alone, so making strategic decisions together makes us more powerful and competitive, it is our differential value.

Q.: BasicNet is a historic, family-owned group that bases its business on brands with an extensive legacy. How do you envision the company in the long term?

A.: In the future, thirty years from now, I would like to pass the company on to the next generation, to my children and grandchildren. That would be our main goal. If in three decades BasicNet is where it is today, it will mean that we have done well. Getting to the point where we are today has required us to do a lot of things. You can’t stand still. You have to buy brands, grow, move. Today the company is financially solid, has strong brands and a very good team. If in many years the company is still solid, with strong brands, in good health and growing, then we will have met the challenge.