BasicNet acquires Woolrich Europe for €90 million. “It still doesn’t seem real. It’s a dream come true. Woolrich is a 200-year-old brand and we can’t wait to get to work”, said Alessandro Boglione speaking at the Pambianco Fashion Summit. The brand will close 2025 with revenues of €90 million. According to Boglione himself: “Brands cannot always grow on their own”.
BasicNet acquires Woolrich
BasicNet has announced that it has reached an agreement to acquire the Woolrich brand for Europe from China’s L-Gam. The signed contract also includes the purchase of Woolrich Europe, the company that handles the brand’s distribution and retail. The brand will be added to the portfolio of brands owned by the company controlled by the Boglione family of Turin, which includes K-Way, Kappa, Robe di Kappa, Superga, Briko, and Sebago.
A different deal
“We were missing a 200-year-old brand. It was an acquisition unlike any other in terms of complexity and size. One of Woolrich’s strengths is that it has an archive (located in Italy) of inestimable value, containing 12,000 pieces and 200 years of history”, Boglione pointed out. He explained that the brand is distributed in the US and Asia by Baoxiniao and in Europe by BasicNet, “but 95% of the brand’s sales come from Europe”, the entrepreneur specified. Woolrich’s turnover will help boost BasicNet’s to nearly €500 million.
Group synergy
According to Alessandro Boglione, brands cannot always grow on their own. Some need group-created synergies, which is what BasicNet will rely on to develop Woolrich. “It’s part of our initial strategy. We believe that brands”, explained Boglione, “can struggle to grow without a group of other brands behind them. Our history proves it. If each of our brands had been managed separately, they would have probably made the wrong choices (product, distribution, etc.) and wouldn’t have grown at the same pace”. Is Woolrich the last acquisition? “We are always on the lookout for market opportunities. We make gut decisions, so if another Woolrich comes along, I’m sure we’ll know how to seize it”, concluded Boglione.
Photo from Woolrich
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