MILAN — Less than a month after BasicNet acquired Woolrich from Luxembourg-based fund L-Gam in a deal that valued the storied outerwear player at 90 million euros, the new owner is facing a dispute with trade unions.
The latter are claiming that the company has decided to shut corporate operations in Bologna and Milan, where Woolrich employs 109 and 30 workers, respectively, leaving them with no other option than accept a relocation to the BasicNet headquarters in Turin to avoid being laid off.
The move would not affect retail employees in those cities, where Woolrich operates two of its 25 flagships in Europe.
BasicNet’s portfolio of brands also comprises Kappa, Robe di Kappa, K-Way, Superga, Sebago and Briko, in addition to Woolrich and beachwear specialist Sundek. The latter’s acquisition was revealed Thursday.
On Friday, BasicNet issued a statement clarifying its position, saying that “this is not a closure, but rather a strategic move aimed at revitalizing the brand and ensuring job continuity. The decision to move the headquarters and its employees to Turin is designed to strengthen Woolrich’s brand value by investing in a central hub that can support future growth and create beneficial synergies.”
The company said it is committed to safeguarding jobs and will resort to any available welfare measure to ensure a smooth transition for employees unable to relocate to Turin.
“People are the heart of the company, and we are excited to welcome all employees into the big BasicNet family,” said Alessandro Boglione, co-chief executive officer of BasicNet, in the statement. “We are committed to following all the right procedures, which is why we are working closely with trade unions to provide clear and timely answers to employees who have sought clarity.”
“We hope to find shared solutions quickly so we can provide certainty and ensure the transition respects everyone involved,” added Lorenzo Boglione, co-CEO of the company.
The BasicNet transaction, revealed in November, involved the acquisition through a wholly owned subsidiary of the rights to the Woolrich brand for Europe and 100 percent of Woolrich Europe SpA, the company managing its distribution and retail activities. Its revenues for fiscal year 2025 are expected to be around 90 million euros.
Through the deal L-Gam exited Woolrich seven years after acquiring the brand in 2018 from its former owner, WP Lavori in Corso. Last December L-Gam forged a deal with Chinese apparel group Baoxiniao Holding Co. Ltd., which acquired Woolrich’s intellectual property rights for all territories outside Europe.
Woolrich was founded in 1830 by John Rich in Pennsylvania, and is one of the oldest American producers of wool fabrics and outdoor clothing. The company was created to provide durable and functional garments for hunters, lumberjacks and railway workers.
In 1850, Woolrich introduced its signature Buffalo red and black check pattern. In 1940, responding to the needs of workers building oil pipelines in Alaska, the Arctic Parka was born — designed to withstand extreme temperatures and another signature garment for the brand.
The Woolrich Arctic Parka.
courtesy image
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.
