On November 12, Turin-based BasicNet announced that it has signed an agreement to acquire the European operations of the historic American outdoor brand Woolrich. The seller is L-Gam, a Luxembourg-based investment fund established by the Princely House of Liechtenstein and a group of international investors. The total transaction value amounts to €90 million.
A Move to Rebuild the Brand in the European Market
Founded in 1994 by Marco Boglione, BasicNet is a listed Italian company that owns several heritage labels, including K-Way, Superga, Kappa, Robe di Kappa, Sebago, and Briko.
The group operates under a “web-integrated business model,” focusing on brand development, marketing, and licensing management rather than in-house manufacturing.
Through this acquisition, BasicNet will take full control (100%) of Woolrich Europe S.p.A., which holds the brand rights, distribution, and retail activities for the European region.
Woolrich Europe’s projected 2025 revenue is estimated at €90 million—nearly equivalent to the company’s enterprise value.
Of the total consideration, €12 million will be paid through the transfer of 1.2 million BasicNet shares valued at €10 per share, which will be subject to a 24-month lock-up period. An additional performance-based earn-out will be paid depending on Woolrich’s results between 2026 and 2028.
To finance the transaction, UniCredit S.p.A. will act as the sole lender, providing up to €90 million in medium- to long-term credit facilities and revolving lines. The deal is expected to close by December 2025.
Woolrich: The Oldest Outdoor Brand in the U.S.
Founded in 1830 in Pennsylvania by John Rich and Daniel McCormick, Woolrich began by producing durable outerwear for hunters and loggers. In 1850, the brand introduced its iconic red-and-black Buffalo Check, and in 1972, developed the now-legendary Arctic Parka for workers on the Alaska pipeline project. Over nearly two centuries, Woolrich has become a timeless symbol of American craftsmanship and outdoor heritage.
Building on this legacy, BasicNet’s co-CEOs Lorenzo Boglione and Alessandro Boglione commented in a joint statement: “Woolrich is an extraordinary brand, with a history and identity that make it unique in the international outerwear landscape. It represents exactly the kind of cultural and authentic heritage we aim to preserve, enhance and relaunch.”
“This is a perfectly coherent operation with our long-term vision, based on dynamic and responsible brand management. The acquisition comes in a complex economic context, but we are convinced that the strength of our model and the experience of our team will allow us to return the brand to growth.”
L-Gam and Baoxiniao: A Two-Pillar Global Structure
In 2016, the Italian apparel company WP Lavori in Corso (WP) acquired 80% of Woolrich Inc., the American parent company, and established Woolrich International, a joint venture combining U.S. and European operations. WP initially led the business as the majority shareholder until 2018, when Luxembourg-based investment fund L-Gam acquired its stake.
In late 2024, the Chinese apparel group Baoxiniao Holding Co., Ltd. acquired Woolrich’s intellectual property rights for all regions outside Europe, with the deal officially closing in February 2025. This has resulted in a dual management structure, with BasicNet overseeing the European market and Baoxiniao managing the Asian and North American regions, marking a new phase in Woolrich’s global brand reconstruction.
Felipe Merry del Val, Founding Partner at L-Gam Advisors, commented: “With BasicNet’s support, Woolrich will continue to grow internationally and strengthen its leadership in the outdoor lifestyle segment.”
Lorenzo Flamini, CEO of Woolrich, also shared his vision for the brand’s future: “This operation marks a new phase in the history of Woolrich, aimed at strengthening the brand’s identity and expanding its international presence, while enhancing nearly 200 years of history and reinterpreting the brand’s iconic and distinctive elements in a contemporary way.”
Outlook: Strengthening BasicNet’s Position in the Premium Outdoor Market
In 2024, BasicNet reported consolidated revenue of €409.2 million (up 3.1% year-on-year) and EBITDA of €61.1 million (up 5.1%). With a solid financial foundation, the company aims to leverage this acquisition to further strengthen its position in the premium outdoor segment. On the day of the announcement, BasicNet’s shares closed 0.3% higher at €7.33, signaling a positive market reaction to its strategic expansion.
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