Editor’s Note
This article reports on Italian apparel group BasicNet’s acquisition of the historic American outdoor brand Woolrich, expanding its portfolio of well-known labels.
Woolrich is becoming part of the brand portfolio of the Italian apparel group BasicNet SpA. The Turin-based company group, which already includes the brands Kappa, Robe di Kappa, K-Way, Superga, Sebago, and Briko, signed an agreement to acquire Woolrich on Wednesday. The historic American brand was founded in 1830 and is considered 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 Liechtenstein princely family and families from Europe, Asia, and the USA.
With this acquisition, BasicNet expands its portfolio with a brand possessing a strong heritage. According to a statement, this aligns with the group’s values: authenticity, iconicity, and cultural significance.
Woolrich was founded in 1830 by John Rich in Pennsylvania and is one of the oldest American manufacturers of wool fabrics and outdoor clothing. The company was established to provide hunters, lumberjacks, and railroad workers with durable and functional clothing that 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 plaid pattern became an icon of rustic and authentic style.
In 1970, in response to the needs of workers building the pipelines in Alaska, the Arctic Parka was created. It was designed to withstand extreme temperatures and would become a globally recognized winter garment.
The transaction includes the acquisition of the rights to the Woolrich brand for Europe. Furthermore, the company Woolrich Europe SpA, responsible for distribution and retail, is being fully acquired. The acquisition is being carried out through a wholly-owned subsidiary of BasicNet.
The revenue for the 2025 fiscal year is estimated at approximately 90 million euros. The total enterprise value amounts to 90 million euros.
According to BasicNet, the purchase price amounts to 40 million euros. Of this, twelve million euros will be settled through the transfer of 1.2 million ordinary shares of BasicNet at a value of 10 euros each. These shares are subject to a lock-up period of 24 months. Additional payments may be added, contingent upon achieving specific profit and revenue targets at the end of the three-year period from 2026 to 2028.
To optimize the group’s financial structure, the acquisition and the refinancing of existing debts are being financed through medium- to long-term credit lines and a revolving credit facility totaling up to 90 million euros, despite the availability of liquid funds. The new funds are being provided by Unicredit. The bank is acting as the group’s strategic partner and as the sole lender for the transaction.
The completion of the transaction is not subject to any suspensive conditions. It is expected to occur by December 2025.