BasicNet Buys Woolrich Europe to Revive Iconic American Brand

The Turin-based BasicNet group, led by CEOs Lorenzo and Alessandro Boglione, has recently finalized the acquisition of Woolrich's European operations from the L-Gam fund, outlining immediate plans to revitalize the renowned American brand. This strategic move, valued at €90 million, encompasses the brand's full rights for Europe and Turkey, alongside all operational entities across the continent. Alessandro Boglione confirmed that these acquired operations are projected to contribute approximately €90 million to consolidated turnover this year, marking a significant addition to BasicNet's portfolio.

Alessandro Boglione, a second-generation leader at the company founded by his father Marco in 1995, shared insights into Woolrich's current standing. He noted that the brand maintains strong market presence, a healthy identity, robust distribution networks, and excellent products. However, the core challenge over the past four to five years has been a decline in profitability, leading to substantial financial strain that impacted various development areas. Boglione clarified that BasicNet is acquiring the operational entities at a difficult juncture, rather than the brand itself, aligning with their philosophy of investing in brands seeking revival during complex market conditions, where they can be financially competitive against larger investors.

Lorenzo Boglione detailed the practical outcome of the acquisition: Woolrich will effectively be "split in two," separating its European operations from the rest of the world. Financially, this addition is poised to boost BasicNet's group turnover to half a billion euros, building on its 2024 turnover of €409 million. He also noted that BasicNet's turnover for the first nine months of 2025 is slightly up, and profitability remains stable, which is a considerable achievement given the prevailing economic climate.

One of the driving forces behind this acquisition, beyond a long-standing affection for the brand, is BasicNet's capability to integrate Woolrich into a much larger corporate structure. Lorenzo Boglione emphasized that this provides immediate access to extensive experience and operational capabilities. While acknowledging that Woolrich had experienced a significant drop in turnover over the past five years, he noted that the previous management had already initiated measures to improve profitability during the last year.

Regarding brand and product strategy, Lorenzo Boglione outlined a dual approach. The primary focus will be to uphold Woolrich's rich history and American roots, emphasizing quality materials like wool, which BasicNet sees as a fantastic raw material for substantial investment. The brand will squarely concentrate on outerwear, its core product. Concurrently, there's an ambition to move beyond a mono-seasonal focus, ensuring that summer lines and non-winter offerings become increasingly relevant for the brand.

From a distribution perspective, Alessandro Boglione believes Woolrich's current blend of retail, wholesale, and digital channels is robust and should experience proportional growth. He highlighted the immense value of Woolrich's 12,000-item archive, which will serve as a foundational starting point for all future developments. This historical wealth is particularly significant as the brand approaches its 200th anniversary in just over four years, offering a treasure trove of material from its woolen origins to the iconic Arctic Parka and contemporary collections.

The Boglione brothers confirmed that wholesale remains the predominant channel for Woolrich, followed by retail and then e-commerce. They firmly believe in the strategic importance of wholesale for the brand's development across all operating territories. Despite challenges in the multi-brand sector, they assert that brands within their portfolio cannot effectively tell their story without multi-brand retailers, even as digital channels and, for different reasons, retail, emerge as crucial for future success. BasicNet, listed on the Piazza Affari since 1999, credits its strong financial and administrative discipline to its stock exchange trajectory, which also positions it for potential future acquisitions of brands with strong positioning, history, and iconic products.

Finally, the CEOs refrained from commenting on any immediate changes to management or creative direction. They stated their intention to spend several months thoroughly understanding the existing Woolrich workforce before making any decisions. Emphasizing fairness and generosity, they conveyed that the paramount goal is to restore the brand to its former glory. They expressed confidence that this is an opportune moment to embark on this journey, believing Woolrich possesses the inherent potential and right to achieve it.