The clothing supplier Woolrich International Ltd. is restructuring its foreign business. On Wednesday, the company announced that it would sell the brand’s intellectual property rights for all markets outside Europe to Chinese textile group Baoxiniao Holdings Co. Ltd. The transaction should therefore be completed before the turn of the year.
The company, which has belonged to a fund of the Luxembourg-based investor L-GAM since 2018, will retain the trademark rights for Europe and continue to do business there in the future, according to a statement. As part of the “strategic partnership” that has now been announced, Woolrich has concluded an initial five-year contract with Baoxiniao, which regulates the collaboration in order to ensure a uniform global brand presence. L-GAM and Baoxiniao are also committed to “providing the financial resources and strategic support necessary to accelerate the brand’s further global expansion.”
Woolrich CEO Stefano Saccone described the agreement as an “exciting new chapter” for the traditional company founded in the USA in 1830. “Our partnership with Baoxiniao will be a catalyst for the brand’s growth in Asia and beyond, and we look forward to working together to achieve this shared goal,” he said in a statement.