Woolrich Inc., one of America’s oldest outdoor clothing companies, and Woolrich Europe, licensee of the brand for Europe and Asia, owned by W.P. Lavori in Corso, will merge into Woolrich International, a new holding company responsible for operations of the Woolrich brand both in the North American market and worldwide.
The agreement includes all of the entity’s industrial assets, the rights associated with the brand and the entire distribution network. Financial terms of the private transaction have not been disclosed. The newborn company Woolrich International will be based in London and will coordinate operating offices in New York City and Woolrich, Pennsylvania (U.S.), plus in Bologna and Milan (Italy).
The new entity will employ 300 people globally and expects to close 2016 with annual sales of $190 million. The Woolrich brand expects to increase its annual sales by 12% yearly from 2017 to 2020, and aims to reach an annual turnover of $300 million by 2020, employing 500 people. This expansion is supported by a capital expenditure plan of about $50 million, aimed to reach more than 60 points of sale.
Woolrich International, at the end of the four years strategic plan, also aims to be listed through an IPO in an international stock market with the aim to sustain the second growth phase on the emerging markets.
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