BasicNet acquires outdoor apparel brand Woolrich

Woolrich is joining the brand portfolio of Turin-based BasicNet. The company, which already owns the Kappa, Robe di Kappa, K-Way, Superga, Sebago and Briko brands, has reached an agreement to acquire the Woolrich brand. The historic American brand, founded in 1830, symbolises authenticity, quality and outdoor tradition, and is being acquired from L-Gam, an investment fund established in 2013 with the backing of the Princely Family of Liechtenstein and families from Europe, Asia and the US.

With this acquisition, BasicNet adds a brand with a strong heritage to its portfolio, fully in line with the group's values of authenticity, iconicity and cultural impact, a note reads.

BasicNet finalises acquisition of Woolrich brand

“We are thrilled to welcome Woolrich into the BasicNet family. Woolrich is an extraordinary brand, with a history and identity that make it unique in the international outerwear landscape. It represents exactly the cultural and authentic heritage that we wish to preserve, enhance and relaunch. This transaction is perfectly aligned with our long-term vision, which is based on the dynamic and responsible management of our brands. The acquisition comes in a complex economic context. However, we are convinced that the strength of our model and the experience of our team will allow us to bring the brand back to growth,” emphasised Lorenzo Boglione and Alessandro Boglione, co-ceos of BasicNet.

According to Lorenzo Flamini, ceo of Woolrich: “This transaction marks a new phase in Woolrich's history. It is aimed at strengthening the brand's identity and increasing its international presence, enhancing its almost 200-year history and reinterpreting the brand's iconic and distinctive elements in a contemporary way.”

Founded in 1830 by John Rich in Pennsylvania, Woolrich is one of the oldest American manufacturers of woollen fabrics and outdoor clothing. The company was established to offer durable and functional garments to hunters, lumberjacks and railway workers, protecting them from the harsh winters of the Northeastern US.

In 1850, Woolrich introduced the famous Buffalo Check pattern, the unmistakable red and black check that became an icon of rustic and authentic style. In 1970, in response to the needs of workers building the Alaskan pipelines, the Artic Parka was created. It was designed to withstand extreme temperatures and was destined to become an iconic winter garment globally.

BasicNet and Woolrich: Transaction details revealed

The transaction involves the acquisition, through a wholly-owned subsidiary of BasicNet, of the rights to the Woolrich brand for Europe and 100 percent of Woolrich Europe spa. This company manages its distribution and retail, and its turnover for the 2025 financial year will be around 90 million euros, for a total enterprise value of 90 million euros.

Part of the consideration, amounting to 40 million euros, will be paid for 12 million euros through the transfer of 1,200,000 ordinary BasicNet shares at a value of 10 euros each.

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

The transfer of the shares paid to the counterparty as a component of the initial consideration will be restricted for a period of 24 months from the date of the acquisition's execution.

To optimise the Group's financial structure, the acquisition and refinancing of existing debt will be structured through the use of medium-to-long-term credit lines and a revolving line for a maximum total of 90 million euros, despite the availability of liquid assets. The new financing will be provided by Unicredit, as the Group's strategic partner and sole lender for the transaction.

The execution of the transaction is expected to take place by December 2025.

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