BasicNet Expands Portfolio: Acquires Sundek to Dive into Beachwear Market

BasicNet is going shopping again. The Italian group, owner of brands such as Kappa, K-Way and Superga, has reached an agreement to acquire the Californian swimwear specialist Sundek by taking control of Kickoff, the company that operates the brand. The deal comes just a few weeks after the announcement of the acquisition of Woolrich from L-Gam in a deal valued at €90 million.

The Turin-based group will take over the entirety of Kickoff Spa, until now controlled by Winnie Srl. With this transaction, BasicNet adds a new segment to its portfolio, which until now has been focused on sports, outerwear and footwear, and adds a premium surf and beachwear brand.

“We are open to continuing to invest in brands with a history in order to develop them, giving them a new impetus under the business know-how of our group,“ said co-CEO Alessandro Boglione in an interview with Modaes in November.

Kickoff closed the 2024 financial year with a turnover of €27.6 million and an ebitda of €6.8 million. The company currently operates 27 stores in Italy, of which eight are outlets, as well as seven mono-brand stores in Spain, France and the United States.

BasicNet grows with the acquisition of Woolrich and Sundek, both from the United States

The enterprise value of Kickoff, which includes the companies Kickoff USA Inc, Kickoff SL and Kickoff France Sas, was set at €33.5 million. Net of bank debt, tax liabilities and debt to shareholders, the initial payment is around €10 million, subject to adjustments at the final closing, expected at the end of the month.

The amount will be paid in the form of approximately 1.4 million BasicNet shares, valued at €7.22 per share, which will be subject to a lock-up period of 36 months from closing. The agreement also contemplates one or two additional earn outs tied to the achievement of certain turnover thresholds between after 2025 and the end of 2030.

“We welcome another historic U.S. brand, with a 70-year history, deeply rooted in the culture and landscape of the Italian marketplace and beyond”, said BasicNet co-CEOs Lorenzo and Alessandro Boglione in a statement, defining Sundek as a brand “easy to recognize even from a distance”.

Founded in San Francisco in 1958 by Stuart Levin, Sundek is considered one of the first surfwear brands and one of the protagonists of the rise of Californian surf culture. In 1972 it launched its iconic Rainbow Boardshorts model, made of quick-drying nylon, seamless and with the characteristic rainbow stripes on the back.

From surf culture to BasicNet licensing model

For Tiziano Sgarbi, CEO of Kickoff, the transfer to BasicNet represents “a new milestone”, which, according to the executive, will be able to draw on the Italian group’s experience in the management of brands with a strong heritage component. The agreement, he added, is an opportunity to reinforce Sundek’s identity and to add technical capabilities and new levers for growth and positioning.

BasicNet was founded in 1994 by Marco Boglione from the historic textile company Maglificio Calzificio Torinese, created in 1916, and was floated on the Milan stock exchange in 1999. The group does not produce and distribute directly, but designs and develops collections, signs licensing agreements with manufacturers and distributors, and centralizes research, development and global marketing services.

In 2024, BasicNet recorded a consolidated turnover of €409.2 million, compared with €396.8 million in 2023, an increase of 3.1%. With the addition of Woolrich and Sundek, the group strengthens its portfolio of international brands and expands its presence in segments linked to the sports lifestyle.