A new change of ownership is brewing for Woolrich International. The brand, which Luxembourg-based L-Gam bought a majority stake in, in 2019, with the aim of expanding it internationally, is reportedly about to come under the control of Chinese holding company Baoxiniao Holding. In 2016, Woolrich Europe had merged with its U.S. parent company, while in 2017 Japanese outdoor giant Goldwin entered the capital in a minority financial partnership.
A rocky past
The outdoor clothing brand, founded in Pennsylvania in 1830 but more present in the European market, has embarked on a development plan to increase sales as early as the end of 2016, to rise from 170 million to 266 million. How? By differentiating its collections and focusing on a new leather accessories proposal. Not bags, but footwear, presented for the first time at Pitti Uomo in 2017: the result of the points of contact with the Italian production system, and specifically with the footwear production in the province of Fermo. Just at that time, in fact, Woolrich collaborated with the Giano shoe factory to design and create new accessories, with the goal of bringing to life about 20,000 pairs of shoes in the first year, and then reaching a stable quota of between 50 and 100,000 pairs per year.
Now the Chinese holding company
As Il Sole 24 Ore reports, L-Gam, which was founded in 2013 in partnership with the Liechtenstein royal family (and that has been a majority shareholder since 2019), has been exploring options to divest its stake for several months, appointing Houlihan Lokey as financial advisor. Chinese investor Baoxiniao Holding, already active in the apparel industry, is reportedly close to closing the deal for Woolrich International.
Images from Woolrich’s Instagram profile
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