BasicNet Acquires Woolrich for €90 Million, Expanding Heritage Brand Portfolio

BasicNet is once again going on a shopping spree. The Italian fashion group has reached an agreement to acquire the U.S. brand Woolrich from L-Gam, the Luxembourg fund that has owned the company since 2018. The deal, which includes the brand rights for Europe and 100% of Woolrich Europe S.p.A., responsible for its distribution and retail activities on the continent, attributes a value of €90 million to the company.

With this acquisition, BasicNet adds a brand with a strong heritage and fully aligned with the group’s values, focused on iconicity and cultural impact. According to the Turin-based company, Woolrich will benefit from BasicNet’s business model, which combines industrial know-how, distribution and brand development, with the aim of relaunching it in European and global markets in synergy with Baoxiniao, owner of the brand in the rest of the world. In 2004, the holding company acquired the French outerwear brand K-Way for €8 million.

“Woolrich represents exactly the kind of cultural heritage and authenticity that we want to preserve, enhance and relaunch,“ said Alessandro and Lorenzo Boglione, co-CEOs of BasicNet from 2022 on the occasion of the acquisition, stressing that the American’s history and identity make it “unique” in the global outwear landscape. “This transaction is consistent with our long-term vision, based on dynamic and responsible brand management,“ they added.

For the executives, who were optimistic despite the “complex economic context,“ the investment aims to “return the brand to growth” supported by the expertise and support of the BasicNet model. “We are open to continue advancing the work of investing in brands with history to develop them, providing a new impetus under the business know-how of our group,“ Alessandro Boglione told Modaes. According to market sources, the company is contemplating new investments in the near future.

BasicNet, owner of Kappa or Superga, expands its portfolio with the incorporation of Woolrich in an operation valued at €90 million

Part of the consideration, worth €40 million, will be paid in the form of 1.2 million BasicNet ordinary shares, valued at ten euros per share (€12 million). In addition, the seller may receive an earn-out linked to the achievement of certain net profit and sales levels during the period 2026-2028.

The shares delivered will be subject to a lock-up period of 24 months from the closing date. In order to optimize the group’s financial structure, the purchase and debt refinancing will be carried out, despite existing liquidity, through medium and long-term credit lines and a revolving credit line for a total amount of up to €90 million, granted by UniCredit, the group’s strategic partner and sole financier of the transaction. The closing of the transaction is not subject to suspensive conditions and is expected to be completed before December 2025.

“With BasicNet’s support, Woolrich will continue to grow internationally and strengthen its leadership in the outdoor lifestyle segment,“ said Felipe Merry del Val, founder and partner of L-Gam Advisors. Lorenzo Flamini, CEO of the brand, added that this operation marks a “new phase in Woolrich’s history”, which will consist of reinforcing its contemporary identity and expanding its international presence.

Founded in 1830 in Pennsylvania by John Rich, Woolrich is one of the oldest companies in the U.S. textile industry. The company was born to manufacture durable and functional garments for hunters, lumberjacks and railroad workers in the northeastern United States. In 1850, it introduced the famous Buffalo Check pattern and, in 1940, designed the Arctic Parka to protect Alaskan pipeline workers from the extreme cold, making it one of its flagship garments.

In the first nine months of the year, BasicNet reported a 7.3% increase in aggregate sales to €909 million, driven by the positive performance in Europe. Consolidated revenues amounted to €303.4 million, up 2.5%, with ebitda of EUR 39.8 million and ebitda of €23.4 million. In parallel, sales from licensees and own stores amounted to €668.1 million, while royalty income grew by 12.4% to €49.9 million, and Europe accounted for 80.8% of the business, up 13.2%. Woolrich Europe expects to close 2025 with sales of around €90 million.