BasicNet acquires Woolrich Europe operations for €40 million

Turin-based BasicNet group, owner of the Kappa, Robe di Kappa, K-Way, Superga, Sebago and Briko brands, announced on Wednesday 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.

With this acquisition, BasicNet adds to its portfolio a brand with a rich heritage, fully aligned with the group’s values: authenticity, iconic status and cultural impact, the company said in a statement, adding that Woolrich will benefit from BasicNet’s proven business model, which combines industrial know-how, distribution strength and brand-building expertise, with the aim of relaunching the brand in European markets and globally, in partnership with Baoxiniao, which owns the brand in the rest of the world.

Woolrich’s core markets – particularly Italy and Europe – overlap with those in which BasicNet has built a strong presence, creating ideal conditions for the brand’s relaunch.

The deal – which is expected to be finalised in December – provides for the acquisition, via a wholly owned BasicNet subsidiary, of the rights to the Woolrich brand for Europe and 100% of Woolrich Europe S.p.A., the company that manages its distribution and retail, whose revenue for the 2025 financial year is expected to be around €90 million, for a total enterprise value of €90 million.

A portion of the consideration, amounting to €40 million, will be paid, including €12 million through the transfer of 1,200,000 BasicNet ordinary shares at €10 each.

In addition, the selling party may receive a variable deferred consideration upon the achievement of certain performance and revenue levels at the end of the 2026–2028 three-year period.

The transfer of the shares delivered to the counterparty as part of the initial consideration will be subject to a 24-month lock-up from the date the acquisition is executed.

With a view to optimising the group’s financial structure, the acquisition and the refinancing of existing debt will be structured, despite available liquidity, by drawing on medium- to long-term credit lines and a revolving facility for a total of up to €90 million.

Woolrich, Inc. is the oldest American outdoor-clothing manufacturer, founded in 1830 in Pennsylvania by John Rich and Daniel McCormick to produce fabrics for garments for hunters, loggers and trappers. It subsequently supplied clothing for the American Civil War and for Richard E. Byrd’s 1939–1940 Antarctic expedition.

Since October 2018 (after two years spent in the portfolio of the Bologna-based WP Lavori in Corso group owned by Cristina Calori, which in 2016 had acquired an 80% stake, creating the Woolrich International group, ed.) it has been controlled by the Luxembourg-based private equity fund L-Gam, which in June finalised an agreement under which Baoxiniao Holdings Co., Ltd. – the Chinese group that controls brands such as Saint Angelo, Hazzys, Bono and Camicissima – acquired the intellectual property rights to the Woolrich brand for all territories outside Europe, strengthening the historic brand’s ability to expand into key international markets, starting with China. L-Gam nevertheless continued to oversee Woolrich’s development in Europe.

The BasicNet clothing, footwear and accessories group – a company founded in 1995 by Turin-based entrepreneur Marco Boglione, listed on the Italian Stock Exchange since 1999 – reported aggregate sales of products bearing the group’s brands, generated worldwide by the network, of €909 million, up 7.3%, in the first nine months of the 2025 financial year.

Consolidated revenues were €303.4 million, compared to €296 million as at September, 30 2024, up 2.5%. EBITDA was €39.8 million, (€40.6 million as at September 30, 2024), EBIT was €23.4 million (€26.9 million), after depreciation and amortisation of tangible and intangible assets of €7.7 million and amortisation of right-of-use assets of €8.7 million, reflecting an increase due to new openings, or 11 directly operated stores.