MILAN – BasicNet Group is on a shopping spree.
After inking a deal to acquire Woolrich from L-Gam last month, the publicly traded, Turin-based company said on Thursday it is to add beachwear specialist Sundek to its portfolio. This already comprises brands like Kappa, Robe di Kappa, K-Way, Superga, Sebago and Briko.
The group has reached an agreement to acquire the beachwear brand by taking full control of parent company Kickoff SpA. from Winnie Srl. This marks a strategic addition for BasicNet, which is moving into a new segment with the deal.
“We welcome another historic American brand, with 70 years of heritage, deeply rooted in the culture and landscape of the Italian market and beyond. It is a brand we have always appreciated, one we have personally used, and one — like others in our group — easy to spot from afar,” said co-chief executive officers of BasicNet Lorenzo Boglione and Alessandro Boglione in a statement.
Lorenzo and Alessandro Boglione
Courtesy of BasicNet
Kickoff Group generated 27.6 million euros in revenues in the 2024 financial year and an EBITDA of 6.8 million euros. It operates 27 stores in Italy — eight of which are outlets — as well as seven monobrand units across Spain, France and the U.S.
The enterprise value of the firm — which also includes the companies Kickoff USA Inc., Kickoff SL and Kickoff France Sas — has been set at 33.5 million euros. Net of the financial position — which includes bank debt, tax payables, and debt owed to shareholders — the initial consideration for the transaction amounts to about 10 million euros, subject to the standard adjustments based on the final calculation of the net financial position at the closing of the deal, which is expected by the end of the month.
The initial consideration will be paid through the transfer of about 1.4 million BasicNet shares at a value of 7.22 euros each. The transfer of shares will be subject to a 36-month lock-up period starting from the closing date.
In addition, the seller may receive one or two earnouts based on the achievement of certain revenue thresholds from after 2025 to the end of 2030.
An archival ad from Sundek.
Courtesy of BasicNet
Founded in San Francisco in 1958 by Stuart Levin, Sundek is known for being among the first brands to create surfwear, becoming one of the key players in the rise of Californian surf culture and embodying the values of freedom and community resonating with that lifestyle.
In the ‘60s, the brand expanded from the California coast to Hawaii and then the East Coast, but the following decade marked a pivotal moment for the brand. In 1972, it introduced its iconic Rainbow Boardshorts design, cut from fast-drying nylon, seamless and marked by the signature rainbow stripes on the back.
An archival ad from Sundek.
Courtesy of BasicNet
Tiziano Sgarbi, CEO of Kickoff, said the handover to BasicNet “represents a new milestone toward a bright future for Sundek, which can only prosper thanks to BasicNet’s expertise and experience in managing brands with strong heritage.”
“It represents a concrete opportunity to enhance and further strengthen the identity of the brand, enriching it with strong technical know‐how and new opportunities for growth and positioning,” said Sgarbi.
An archival ad from Sundek.
Courtesy of BasicNet
BasicNet was founded by Lorenzo and Alessandro Boglione’s father Marco Boglione, who created the group in 1994 as a marketplace and publicly listed it on the Milan Stock Exchange in 1999.
Stemming from the storied traditional clothing company Maglificio Calzificio Torinese, which was founded in 1916, BasicNet doesn’t produce or distribute the collections of its brands. Billing itself as a “fully web-integrated company” through a digitally advanced platform, it acts as a marketplace where manufacturers and distributors meet to do business.
In particular, BasicNet designs and develops its labels’ collections, signs licensing agreements with international producers and distributors, which receive from BasicNet all they need to manufacture and sell the products, from research and development to global marketing.
BasicNet logged consolidated 2024 revenues of 409.2 million euros, up 3.1 percent from 396.8 million euros in 2023.
An archival ad from Sundek.
Courtesy of BasicNet
