BasicNet takes over Woolrich

Woolrich becomes part of the brand portfolio of the Italian clothing group BasicNet SpA. The Turin-based group, which already includes the brands Kappa, Robe di Kappa, K-Way, Superga, Sebago and Briko, entered into an agreement on Wednesday to acquire Woolrich. The historic American brand was founded in 1830 and is a symbol of authenticity, quality and outdoor tradition. The seller is the investment fund L-Gam, which was founded in 2013 with the support of the Princely Family of Liechtenstein and families from Europe, Asia and the USA.

With this acquisition, BasicNet expands its portfolio with a brand with a strong heritage. According to a statement, this is in line with the group’s values: authenticity, iconicity and cultural significance.

Woolrich is one of the oldest American manufacturers of outdoor clothing

“We are very pleased to welcome Woolrich to the BasicNet family. Woolrich is an exceptional brand with a unique history and identity in the international outerwear landscape. It represents exactly the cultural and authentic heritage that we want to preserve, enhance and revitalize. This acquisition fits perfectly with our long-term vision, which is based on dynamic and responsible brand management. The acquisition takes place in a complex economic environment. However, we are convinced that the strength of our model and the experience of our team will allow us to expand the brand to get back on track for growth,” emphasized Lorenzo Boglione and Alessandro Boglione, the co-CEOs of BasicNet, in a statement.

Lorenzo Flamini, CEO of Woolrich, said: “This transaction marks a new phase in Woolrich’s history. It aims to strengthen the brand’s identity and expand its international presence. In doing so, we will honor its almost 200-year history and reinterpret the brand’s iconic and distinctive elements in a contemporary way.”

The traditional brand Woolrich was founded in 1830

Founded in Pennsylvania in 1830 by John Rich, Woolrich is one of the oldest American manufacturers of wool fabrics and outdoor clothing. The company was founded to provide hunters, loggers and railway workers with durable and functional clothing. This protected them from the harsh winters in the northeastern United States.

In 1850, Woolrich introduced the famous buffalo check pattern. The distinctive red and black check pattern has become an icon of rustic and authentic style.

In 1970, the Artic Parka was created in response to the needs of workers building pipelines in Alaska. Designed to withstand extreme temperatures, it would become a world-renowned winter garment.

The purchase price totals 40 million euros

The transaction includes the acquisition of the rights to the Woolrich brand for Europe. In addition, the company Woolrich Europe SpA, which is responsible for sales and retail, will be completely taken over. The acquisition will be carried out by a wholly owned subsidiary of BasicNet.

Sales for the 2025 financial year are estimated at around 90 million euros. The total company value amounts to 90 million euros.

According to BasicNet, the purchase price amounts to 40 million euros. Twelve million euros of this will be settled through the transfer of 1.2 million BasicNet ordinary shares at a value of 10 euros each. These are subject to a holding period of 24 months. There may also be further payments that are linked to the achievement of certain earnings and sales targets at the end of the three-year period from 2026 to 2028.

In order to optimize the group’s financial structure, the assumption and refinancing of existing debt is financed through medium to long-term credit lines and a revolving credit line totaling up to 90 million euros, although liquid assets are available. The new funding will be provided by Unicredit. The bank acts as the group’s strategic partner and sole lender for the transaction.

The completion of the transaction is not subject to any conditions precedent. It is expected to take place by December 2025.