Turin-based BasicNet Group, the parent company behind internationally recognized brands including Kappa, Robe di Kappa, K-Way, Superga, Sebago, and Briko, announced on Wednesday that it has reached an agreement to acquire the legendary American brand Woolrich. Founded in 1830, Woolrich is celebrated for its long heritage in outdoor clothing and its cultural significance in both the United States and global fashion history. The acquisition is part of BasicNet’s strategy to strengthen its portfolio with iconic, authentic brands while expanding its presence in key markets.

Woolrich has been owned by L-Gam, a Luxembourg-based private equity fund, since 2018. L-Gam itself was established in 2013 with support from prominent European, Asian, and American families, as well as the Liechtenstein Royal Family. Under L-Gam, Woolrich’s European operations continued to grow, while the brand’s rights outside Europe were acquired by Baoxiniao Holdings, a Chinese company that controls several established fashion labels, including Saint Angelo, Hazzys, Bono, and Camicissima. This arrangement allows Woolrich to expand strategically in China and other international markets while BasicNet focuses on European growth.

According to a statement from BasicNet, Woolrich aligns perfectly with the group’s core values of authenticity, iconic status, and cultural impact. By leveraging its proven business model, which combines industrial expertise, strong distribution networks, and brand-building capabilities, BasicNet plans to relaunch Woolrich across Europe and globally in partnership with Baoxiniao. The company hopes to rejuvenate the brand while staying true to its heritage, providing both operational and strategic support to enhance Woolrich’s positioning in the luxury and outdoor apparel segments.

The acquisition, expected to be finalized in December, will involve BasicNet acquiring the rights to the Woolrich brand for Europe and 100% ownership of Woolrich Europe S.p.A., the entity managing distribution and retail operations in the region. Woolrich Europe is projected to generate around €90 million in revenue for the 2025 financial year, matching the total enterprise value of the deal. Part of the consideration, €40 million, will include the transfer of 1.2 million BasicNet ordinary shares, valued at €10 per share. Additionally, the selling party may receive variable deferred consideration contingent on performance and revenue targets over the 2026 to 2028 period. Shares transferred as part of the initial payment will be subject to a 24-month lock-up.

Alessandro and Lorenzo Boglione, co-CEOs of BasicNet – BasicNet

To support the acquisition and refinance existing debt, BasicNet plans to use a combination of medium- to long-term credit lines and a revolving facility, totaling up to €90 million, despite having sufficient liquidity to cover the purchase. This approach is aimed at optimizing the company’s financial structure while enabling strategic growth.

Woolrich, based in Pennsylvania, is renowned as the oldest American outdoor clothing manufacturer. Founded by John Rich and Daniel McCormick, the brand originally produced garments for hunters, loggers, and trappers. Over the decades, Woolrich’s clothing has served the American military, including providing uniforms for the Civil War, and has even accompanied polar explorers such as Richard E. Byrd on his Antarctic expedition from 1939 to 1940. This rich heritage makes Woolrich a particularly valuable acquisition for BasicNet, which aims to merge its Italian operational expertise with the American brand’s historic prestige.

BasicNet, founded in 1995 by Turin entrepreneur Marco Boglione and listed on the Italian Stock Exchange since 1999, reported strong financial performance in the first nine months of the 2025 fiscal year. Sales of products under its portfolio of brands totaled €909 million worldwide, reflecting a 7.3% increase compared to the same period last year. Consolidated revenues were €303.4 million, up 2.5% from €296 million a year earlier. EBITDA stood at €39.8 million, while EBIT was €23.4 million, after accounting for depreciation, amortization of tangible and intangible assets, and the amortization of right-of-use assets. The company’s 11 directly operated stores contributed to this growth, demonstrating the strength of its retail network.

The acquisition of Woolrich is expected to complement BasicNet’s ongoing growth strategy by combining historical brand prestige with contemporary operational strength. By tapping into Woolrich’s established market presence, particularly in Europe and Italy, BasicNet aims to revitalize the brand while expanding its portfolio of globally recognized fashion labels.

With this move, BasicNet strengthens its position as a global leader in the fashion and outdoor apparel sector, leveraging iconic brands to capture both heritage value and modern market opportunities. The relaunch of Woolrich under BasicNet’s stewardship represents a significant milestone in the group’s expansion strategy, signaling its commitment to long-term growth, European market penetration, and global brand influence.