A Luxembourg private equity fund held by the royal family of Lichtenstein has completed the acquisition of US outdoor clothing brand Woolrich International.
The fund, L-GAM Advisors Sarl, has also inked a partnership deal with Japanese sportswear company Goldwin following the acquisition. Goldwin acquired a minority stake in Woolrich International in 2017, and a premium men’s outdoor clothing collection, the first project under the new partnership, will be launched autumn 2018.
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According to the statement, Goldwin has increased its stake in Woolrich.
Woolrich International was formed in 2016 after Woolrich Inc merged with its licensee for Europe and Asia, Woolrich Europe. At the time, the company also announced plans to list its international business in the future.
“We are proud of this agreement,” Paolo Corinaldesi, CEO of Woolrich International, said of the latest deal.
The partnership with L-GAM “will give continuity to its office and management, but with a strong push on its business acceleration, with investments in Europe, North America, Japan and Asia, thanks to the strategic partnership with the Japanese group Goldwin. Our goal remains the entry into the stock exchange within five years.”
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By GlobalDataWoolrich has historically produced the core of its product with wool, and will now “increase its offering adding new performance technologies for a new generation of outdoor enthusiasts,” according to creative director Andrea Cané.
The new outdoor collection will be a part of the global brand development plan in which Woolrich International, which closed its 2016 fiscal year with a revenue of $190m, aims for an annual average growth of 12% from 2017 to 2020. Woolrich collections are currently distributed in 45 countries through a network of 32 stores worldwide.
